MUMBAI: BJP contestant from Gujarati-dominated eastern suburb of Ghatkopar, Parag Shah, who has declared assets worth Rs 690 crore has emerged as the richest candidate ever contesting the Brihanmumbai Municipal Corporation (BMC) elections.
Shah (47), a first time contestant, is a realtor who owns “Man Constructions” and “Man Developers.” He has projects in Gujarat and Chennai and has declared movable assets worth Rs 670 crore in his own and wife Mansi's names.
Shah has also declared immovable assets worth Rs 20 crore, including flats in Mumbai and Thane, and agricultural and non-agricultural land in Maharashtra and Gujarat. Movable assets comprise cash in bank accounts, deposits, shares and bonds, vehicles owned and loans, if any. Shah and his wife have shares and bonds worth Rs 507 crore.
Interestingly, his declaration states he has not taken any loan and hence does not owe anything to anyone.
Shah, who is believed to be close to the state housing minister Prakash Mehta, is pitted against Congress’s Pravin Chheda—opposition leader in the BMC.
It has been alleged that Shah has business ties with the controversial Shahid Balwa, who is facing charges in the 2G spectrum case. However, he has refuted the charges saying he has no links to the scam despite Balwa being his good friend.
“I will work on the lines of the agenda of transparency that has been set by party higher-ups. I want to fight against corruption,” he said.