Amit Shah Son Jay Shah- Amit Shah Son Scam

Amit Shah son news

amit shah sonNumerous stories revolve around the fact that how BJP President Amit Shah’s son, Jay Shah, has a dramatic increase in some of his businesses since Narendra Modi became Prime Minister.  Some claims it to be true some folly. Well, today we will discuss some of the facts revolving around this story. To begin with Amit Shah’s son, Jay Shah’s business venture Kusum Finserve LLP, which has recorded a dramatic increase in credit facilities in recent years despite its poor finances.

To go by the facts it is important here to state that the BJP national president’s contingent liability with respect to this credit facility is, however, missing from his 2017 electoral affidavit. To know it further understand publicly available documents indicate that in 2016, two of Amit Shah’s properties were mortgaged to the Kalupur Commercial Co-operative Bank, one of Gujarat’s largest cooperative banks, to secure Rs 25 crore in credit for Kusum Finserve.
New documents accessed show that since 2016, Kusum Finserve has secured credit facilities amounting to Rs 97.35 crore from two banks, and one government undertaking. The credit extended to Kusum Finserve has gone up by nearly 300 percent in the last year, even while its latest reported balance sheets show a net worth of only Rs 5.83 crore.
Now have a look at the key highlights to understand it better: Amit Shah son scam
  • Turnover of Jay Amitbhai Shah’s company increased 16,000 times over in the year following the election of PM Narendra Modi.  How? Well, nobody has an answer to that
  • In just a matter of one month, Jay Shah’s company Revenue jumped from just Rs 50,000 to over whooping Rs 80,00,00,000
  • Jay Shah’s business which is chiefly stock trading turns to windmill generation with PSU loan

Amit Shah’s son Jay Amitbhai Shah eventually broke his silence on the news report that his company saw an increase in its turnover by 16,000 times in a year, saying that, “There is absolutely no question of any corruption in the matter and no government land or contract “worth even a rupee” was received by my firm.”

Also replying to the undying questions revolving around the loan about Amit Shah’s son’s company Jay Shah reportedly said, “First you have to understand that it was not a loan, but a letter of credit. Also, I would like to mention it here that we were given credit to lift material against cash deposits.”

What Amit Shah said about the controversy revolving his son’s business

When asked about Jay’s business profit scam, The BJP President, Amit Shah, was reported saying, “There is no question of corruption in my son’s firm, and also that I have not done even one rupee worth of business with the government”.

Here are a few things to know about Amit Shah’s Son – Jay Amitbhai Shah

  • Jay Shah is a qualified engineer. He has done his B.Tech from the renowned Nirma University
  • Before entering in the stock market, like his father, Jay was a decent batsman and used to train under Gujarat coach Jayendra Sehgal
  • Later, Jay became an executive member of the Gujarat Cricket Association (GCA) in 2009 and was elected as the joint secretary of GCA in the year 2013
  • Like Amit Shah, Jay too is a keen player in the stock market and has a deep knowledge about it
  • In August 2004, Jay incorporated ‘Temple Enterprise Pvt Ltd’ a firm involved in the trading activity

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