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Political storm over report on junior Shah's business growth

09 October 2017

Earlier, the Minister of Railways Piyush Goyal had said the allegations levelled against Jay Shah were baseless.

The allegation of defalcation and garnering unprecedented profits in recent years by an Ahmedabad-based company owned by BJP chief Amit Shah's son Jay has turned into a major political row with Congress on Sunday demanding actions from Prime Minister Narendra Modi while the BJP rubbishing the charges. Why where these loans given through cooperative banks without a mortgage, without proper security. "I have repaid the loans by cheque on commercial rate of interest and within the time stipulated". He said, "The article was trying to show impropriety through imputation against Amit Shah which is why Jay Shah has made a decision to file a Rs 100 cr damage suit in Ahmedabad". In a statement, Jay denied any wrong doing and said, "The article makes false, derogatory and defamatory imputation against me by creating in the minds of right-thinking people an impression that my business owes its "success" to my father Shri Amitbhai Shah's political position". Will you ask them to arrest them? "Issue is whether the prime minister is honest enough to say that investigate the son of Amit Shah". He said his lawyer had given details of all his legitimate transactions to the author of the story and all questions posed by the writer were answered with details since Mr Jay Shah had "nothing to hide".

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Asked where is the criminality, he said "we are talking about crony capitalism".

Sibal, citing the filing with RoC, also alleged that a firm Kusum Finserve LLP, in which Jay Amit Shah had 60 per cent stake, had also got a contract in Madhya Pradesh in wind power sector despite the company being engaged in stock trading. Will you give direction to the CBI to probe the matter? It alleged the revenues of the company witnessed an "astonishing surge" in the financial year ended March 2015, when the firm received an unsecured loan of Rs 15.78 crore from a financial services firm owned by Rajesh Khandawala, the samdhi (in-law) of Parimal Nathwani, a Rajya Sabha member and top executive of Reliance Industries. He said the bank, and not a union minister, should defend the loan. We know who the CBI and ED will investigate and who the agencies will not investigate. It's not the Reserve Bank of India, the poor or the farmers. In his address, Mr Shah said that no amount of intimidation can stop the lotus (BJP's symbol) from blooming in the Left-ruled state.

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Soon after Shah led a march to the CPI (M) office, the communist party criticised the "Jan Raksha Yatra" saying it was aimed at diverting public attention from the growing discontent against the Modi government.

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Political storm over report on junior Shah's business growth