DK Shivakumar Says His Rs 1,400 Crore Assets Were Legally Acquired, Hits Back at Kumaraswamy

Karnataka Chief Minister D.K. Shivakumar has replied to allegations raised by Union Minister H.D. Kumaraswamy on his wealth and the BMIC (NICE Road) project. He said his assets have been purchased in the legal framework and that all his wealth has been disclosed to relevant authorities.

Shivakumar told the media in New Delhi yesterday that the value of his assets is about Rs 1,400 crore. He said there was nothing wrong with a farmer's son who is also involved in business owning property, provided it was bought legally. The comments came a day after Kumaraswamy alleged that Shivakumar's rise in declared wealth was linked to the alleged irregularities in the NICE project.

"I have acquired my assets within the legal framework," Shivakumar said, asking whether Kumaraswamy was an income tax officer to examine his property holdings. He challenged Kumaraswamy to take any concerns regarding his assets to the income tax department.

Shivakumar Questions Kumaraswamy's Allegations

Kumaraswamy also claims Shivakumar's wealth increased significantly over the years and linked the increase to alleged manipulation of the BMIC/NICE project. According to Kumaraswamy's claims, he pointed out Shivakumar's declared wealth rising from about Rs 4 crore in the early 2000s to more than Rs 1,400 crore in his 2023 election affidavit. These are still the allegations made by Kumaraswamy and have been rejected by Shivakumar.

Shivakumar asked why he or his family members should not be allowed to purchase property if they have the financial capacity to do so. He also asked Kumaraswamy to explain land holdings associated with his own family in areas covered by the BMIC project.

The chief minister said he had no reason to conceal his assets and maintained that his property declarations had already been made publicly.

According to data collected by the Association for Democratic Reforms from Shivakumar's 2023 election affidavit, he and his dependants had assets of approximately Rs 1,413.8 crore, including movable and immovable assets.

'I have not taken bribes,' says Shivakumar

Shivakumar, responding to questions regarding the alleged investments made by real estate developer Shobha Developers, cited the value of a property he said he had acquired during the tenure of former Karnataka Chief Minister S. Bangarappa.

He said a property bought for Rs 99,000 had risen significantly in value over the years and argued that appreciation in property value does not by itself mean wrongdoing.

Shivakumar also flatly rejected allegations that his wealth had been generated through corruption. He said he had the right to be a businessman and that his family’s financial activities were not taking place in secret.

NICE Road Project at the centre of political dispute

Shivakumar and Kumaraswamy's encounter is also closely related to the long-running controversy surrounding the Bengaluru-Mysuru Infrastructure Corridor Project.

Kumaraswamy recently released documents and alleged that changes made to the project's framework, alignment, and land-use arrangements benefited private interests, including those related to Shivakumar’s family. He also alleged large-scale financial irregularities in the project.

Kumaraswamy has also claimed that the project caused a huge loss to the state exchequer and has questioned changes made to the original framework agreement. Those claims have been denied by Shivakumar and members of the Karnataka government.

Shivakumar, however, questioned Kumaraswamy’s role in the history of the project and pointed out that Kumaraswamy had himself served as Karnataka chief minister. He also mentioned the role of former chief minister H.D. Deve Gowda in the project’s earlier history.

'Come to the Assembly and Discuss'

Shivakumar also replied to Kumaraswamy's demand for a debate outside the legislature. He said the issue must be addressed in the Karnataka Assembly and challenged Kumaraswamy to bring the matter before the House.

He dismissed threats and political pressure and said he had faced such political confrontations in the past and would not be intimidated.

Shivakumar also referred to Kumaraswamy's comment that more allegations would follow, saying he was aware of the possibility of additional claims involving documents, recordings, and other material.

Shivakumar rejects allegations against Yatindra Siddaramaiah

While speaking to reporters, the chief minister was also asked about a complaint filed against Congress leader Yatindra Siddaramaiah before the Lokayukta.

Shivakumar rejected the allegations and said it was difficult to accept that Yatindra Siddaramaiah had committed irregularities worth Rs 444 crore in only a few months of holding a ministerial or public position. He said the complaint was baseless.

Education Policy and Examination Reforms meeting

Shivakumar also spoke about his visit to New Delhi and a meeting on education policy and examination-related issues.

He said discussions were held on education policy in southern states and the possibility of examination irregularities, including the issue of paper leaks. Ministers and leaders from several states participated in the meeting, said Shivakumar.

He said the Karnataka government is committed to improving transparency in examinations conducted by bodies like the Karnataka Public Service Commission (KPSC). A cabinet subcommittee with Legislative Assembly Speaker U.T. Khader has been appointed to investigate reforms in the education sector, he said.

Contractor Dues Also Raised

The chief minister was also asked about a letter from the contractors' association seeking the release of about Rs 38,000 crore in pending payments.

Shivakumar said part of the state’s financial pressure was due to the large number of works sanctioned during the last BJP government and the government was discussing how to tackle the issue.

Shivakumar's recent encounter with Kumaraswamy is also a further development in the political argument between the NICE Road project, land transactions, and the chief minister's declared wealth. Although Kumaraswamy has accused Shivakumar of irregularities and questioned the source of Shivakumar's wealth, Shivakumar has denied wrongdoing and has maintained his assets have been legally acquired and disclosed.