P V Anvar, the TMC- supported Independent candidate in Kerala's Nilambur bypoll, may have been partially correct when he initially said he felt the pinch and did not want to contest. In less than a decade, his liabilities have soared and his garage has been deprived of two Mercedes Benz cars. He no longer owns hereditary property worth ₹1 crore, according to details on assets he declared for 2016, 2021 and 2025 elections.

Before announcing his candidature, Anvar ruefully said contesting elections required crores and he didn't have that kind of money. His lament was lapped up by a section of sympathisers who promised to chip in with whatever they could, according to Anvar. As per the latest affidavit, Anvar's investments in stocks, bonds and banks account for ₹18.14 crore, marking a dip of ₹42.79 lakh from 2021.

The estimated market value of his self-acquired assets, land and buildings, has dropped slightly from ₹34.38 crore to ₹34.07 crore in four years. In 2021, he owned hereditary asset with a market value of ₹1 crore, the present affidavit doesn't show that property. His liabilities in banks and financial institutions grew by 67 per cent in four years. While he owed ₹5.4 crore in 2021, the dues have swelled to ₹9.06 crore in 2025. His total liabilities in 2025 stand at ₹20.6 crore of which he owes ₹11.53 crore to individuals/organisations. Even then his annual income as per tax returns is ₹43.80 lakh for 2023-24, which shows a significant increase from ₹3.98 lakh for 2019-20.

Anvar witnessed the biggest growth in his assets between 2016 and 2021. His investments in banks and companies soared by a whopping 350 per cent during this period; from ₹4.14 crore to ₹18 crore. In 2021, Anvar's absence in the constituency had triggered a furore just ahead of Kerala Assembly elections. Later he returned and said that he was in Sierra Leone regarding a ₹20,000 crore business project.

His affidavits, however, show that Anvar hasn't made any significant investments in the past four years. The figure remains the same for 2021 and 2025 under investments in development -- ₹13.22 crore. He was also richer in terms of cars he owned in 2016. He had two Mercedes, a tipper, and an Innova. In 2025, he owns only an Innova as per the affidavit. According to the Association for Democratic Reforms, Anvar was the richest of MLAs who recontested in the 2021 Assembly elections, recording the highest asset increase.

While Anvar's assets shrank, his spouses' grew richer. Together, they hold assets in terms of bank investments at ₹2 crore, and the market value of their land holdings is ₹9 crore. Anvar had contested as the LDF-backed independent in 2021 in Nilambur. While the election expenditure statement of Anvar is not available on Election Commission's website, CPM's highest expenditure on a candidate as per official records was for Mohammad Riyas -- ₹22.45 lakh in Beypore.