NCP’s Vikram Kakade Clarifies ₹10 Crore to Jay Pawar: Advance for Plot, Not Loan

Vikram Kakade, a newly elected member of the Maharashtra Legislative Council from the Pune local authorities constituency, has clarified that the ₹10 crore listed in his election affidavit to Jay Pawar, son of Deputy Chief Minister Sunetra Pawar and the late Ajit Pawar, was an advance for a land transaction and not a loan. Kakade, who is a prominent Pune-based builder, disclosed his family's assets, which amount to more than ₹150 crore, including luxury vehicles, investments, and real estate holdings in India and Dubai.

The Nationalist Congress Party (NCP), a key ally in the BJP-led Mahayuti government, is headed by Sunetra Pawar, who joined the cabinet and took over the top party post following the death of her husband Ajit Pawar in a plane crash in January. Kakade, who is involved in the construction business, has listed various financial transactions in his election affidavit, including the ₹10 crore advance to Jay Pawar.

Under the section “Loans and Advances to Other Persons” in his affidavit, Kakade has listed a sum of ₹10 crore to Jay Pawar. Other advances include ₹4.94 crore to Rustom Bharucha, ₹2.17 crore to Purvez Keki Grant, and ₹7.55 crore to Shreesha Enterprises. Kakade has also declared movable assets worth ₹78.95 crore, which include cash in hand of ₹7.5 lakh and bank deposits of ₹29.53 lakh.

The affidavit shows investments worth ₹11.69 crore in bonds, shares, debentures, and mutual funds. He has also declared investments of ₹30.16 lakh in insurance policies and other financial instruments. Kakade, who recently joined the NCP in the presence of Sunetra Pawar and her sons Jay and Parth, has extended loans and advances totaling ₹41.80 crore to individuals, companies, and firms.

Talking about the ₹10 crore mentioned in his affidavit, Kakade clarified, “In the column in the affidavit, it is written ‘loans and advances given to’. In my case, the ₹10 crore given to Jay Pawar is not a loan but an advance against a plot deal.” He intends to buy a plot adjacent to his bungalow in Yashwant Ghadge Nagar in Pune from Jay Pawar.

Kakade has reported ownership of a fleet of luxury vehicles with a total value of ₹22.04 crore. The collection includes high-end models such as a BMW 740i, BMW G310R, Lexus LM 350H, Toyota Land Cruiser, Toyota Fortuner, Isuzu V-Cross, Mini Cooper S, Mercedes-Benz GLC 300, and a Lamborghini Huracan. He has also declared jewelry, bullion, and other valuables worth ₹2.25 crore, including investments in gold, silver, and watches.

According to the affidavit, Kakade's immovable assets are valued at ₹74.07 crore. These include non-agricultural plots in Pune and residential properties in Pashan and Dubai. His self-acquired immovable assets have an approximate current market value of ₹74.07 crore. The affidavit further states that his spouse, Devika, owns immovable assets valued at ₹9.19 crore.

Kakade was elected unopposed to the Maharashtra legislative council from Pune after five candidates, including NCP (SP) nominee Shrikant Patil, withdrew their nominations on the last day to opt out of the fray. Returning Officer Gajanan Patil presented the certificate to Kakade in this regard. Elections to 16 legislative council seats from local self-government bodies and a bypoll from the Nagpur self-government body are scheduled for June 18, with vote counting on June 22. Members of local self-government bodies comprise the electoral college for these polls.