Monday, 18 December, 2017

Amit Shah breaks silence on son Jay Shah's business, rejects money laundering

Congress workers protest against BJP president Amit Shah and his son Jay Shah in Mumbai on Monday October 9 Congress workers protest against BJP president Amit Shah and his son Jay Shah in Mumbai on Monday October 9
Bennie Garza | 13 October, 2017, 15:18

He also said that unlike the Congress, which had faced many corruption charges in the past, his son has shown courage to file a civil and criminal defamation suit on the allegations levelled against him and "invited a probe against himself" by this step.

Jay Shah has sued news website The Wire for 100 crores for reporting that his firm's revenues escalated by 16,000 times after the BJP came to power.

Amit Shah today responded to allegations that his son Jay Shah, an entrepreneur, enjoyed a big upswing in his business after the BJP came to power in 2014. "The business was of commodity trade which is high value low profit venture. And after doing a turnover of Rs 80 crore, they don't tell how much they made profit", Amit Shah said at an "India Today" event "Gujarat Panchayat" here. All the payments were made through cheques. "There is no question of money laundering". "The possibility of involvement of Amit Shah in the case could not be ruled out, he said". The same year, the company also received an unsecured loan worth Rs 15.78 crore from non-banking financial company KIFS Financial Services, before winding up its business in October 2016.

The BJP, on Sunday, defended its president's son as the development has already started a political battle between the ruling saffron party and the Congress. "We don't take umbrage in falsehood as the Congress is known to do".

The portal reported, that before 2014 the companies held by Jay were bearing losses and suddenly after 2014 they started growing in a surprising manner.

Addressing reporters at Arunachal Press Club (APC) here, party spokesman Hina Camder Tok questioned Prime Minister Narendra Modi's stoic silence over the issue.

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