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

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

Amit Shah said, "There is no question of corruption in the business dealings of Jay (Shah)". "The business was of commodity trade which is high value low profit venture".

And while the company achieved a turnover of Rs80 crore, it incurred a loss of Rs1.5 crore, Shah said. "In 2014-15, it showed a profit of Rs 18,728 on revenues of only Rs 50,000 before jumping to a turnover of Rs 80.5 crore in 2015-16".

"There is no money laundering involved in Jay's company".

Amit Shah with his wife at their son Jay Shah's wedding in Ahmedabad.


"The state government under Chief Minister Pema Khandu is coming out with more reliable and people-oriented Chief Minister's Universal Health Insurance Scheme in the state, the Congress need not worry about it and our people-centric government will always think, listen and act for the welfare of the people", he said.

On 9 October, Shah filed a criminal defamation case at a metropolitan court in Ahmedabad against seven respondents, including the author of the report, and the editor of The Wire.

The Congress leader demanded Prime Minister Narendra Modi's initiation of an investigation into the matter. Jay has denied any wrongdoing and filed a defamation case. The Congress also sought a probe into the "sudden spurt" into the turnover of a company belonging to Jay Shah by a two-member commission of Supreme Court judges, questioned the timing of the closure of Jay Shah's company weeks before demonetisation and the move by Mehta, who chose to represent Jay Shah. It also stated that firm received an unsecured loan of Rs 15.78 crore from a financial services owned by a relative of a Rajya Sabha MP.

He said: "We have ourselves invited a probe and on the company issue I want to clarify that it has not done business with the government of even Re 1 nor taken any government land or tender. Where is money laundering in it", he asked. "It was a line of credit", he added. "Jay's cash was lying in the bank, and we have paid the loan with interest".

Related Articles

  • 'X-Men' Spinoff 'Gambit' gets a release date for 2019

    'X-Men' Spinoff 'Gambit' gets a release date for 2019

    The 20th Century Fox has also confirmed on Thursday that Pirates of the Carribean filmmaker Gore Verbinski will be directing the X-Men spin-off.
    7th Pay Commission: Tamil Nadu Cabinet approves pay hike for government employees

    7th Pay Commission: Tamil Nadu Cabinet approves pay hike for government employees

    The fate of new movies of top stars like actor Vijay's " Mersal " slated for release for Deepavali next week hung in balance. The 20 percent local body tax on non-Tamil films, however, is still in place.
    Ashmore Group PLC (LSE:ASHM): Earnings Growth Remains Elusive

    Ashmore Group PLC (LSE:ASHM): Earnings Growth Remains Elusive

    Its up 0.10, from 1.12 in 2017Q1. 6 funds opened positions while 18 raised stakes. 19,511 are held by Peak6 L P. Beaufort Securities restated a buy rating on shares of easyJet plc in a research note on Friday, July 7th.
  • Kenya opposition supporters defy protest ban

    Kenya opposition supporters defy protest ban

    However, Odinga on Tuesday announced he would not take part, accusing the IEBC of failing to make fundamental reforms. In Nairobi, opposition legislators were repeatedly tear gassed as they tried to drive into the city centre.
    We don't need diet avocados but they exist anyway

    We don't need diet avocados but they exist anyway

    Intrigued? To be fair, avocado fat is generally considered good for you already, particularly in regards to heart health . Just when you thought we had seen the last of avocados , a Spanish company has announced a low-fat version of the fruit.
    Facebook ' fully committed' to sharing Russian ad data

    Facebook ' fully committed' to sharing Russian ad data

    Last month, Facebook agreed to hand over the ads to congressional investigators in addition to special counsel Robert Mueller . Facebook said it believed the messages were likely bought by people in Russian Federation before and after the 2016 election.
  • Egypt out of race for UNESCO chief, endorses French candidate

    Egypt out of race for UNESCO chief, endorses French candidate

    UNESCO's general assembly will have to sign off next month on the executive board's leadership pick, but it's seen as a formality. Azoulay's father is Moroccan and was an influential adviser to Moroccan kings, so she does have a connection to the Arab world.
    Oppo F3 Lite with 16MP front camera launched: Price, specifications

    Oppo F3 Lite with 16MP front camera launched: Price, specifications

    A few days ago, OPPO has officially unveiled the launch date of OPPO F5 as October 26th in the Philippines . As far as the camera is concerned, the phone has 5MP rear camera with support for single tone LED flash.
    Amazon Is Hiring 120000 Holiday Workers. Here's How to Apply

    Amazon Is Hiring 120000 Holiday Workers. Here's How to Apply

    Some of these short-term jobs also get converted to full-time, regular positions, says Amazon. They also announced a one-day kickoff as part of its drive to hire 50,000 full-time workers.
  • Penn State preparing to keep James Franklin if other schools pursue him

    Penn State preparing to keep James Franklin if other schools pursue him

    The Lions are 15-1 since suffering a 49-10 loss at MI , a team they will meet in their next game on October 21 at Beaver Stadium. Since the loss to UCLA, A&M has only lost an eight-point game to Alabama, the Crimson Tide's closest game to date.
    Arsene Wenger hits back at Paul Merson jibe

    Arsene Wenger hits back at Paul Merson jibe

    Meanwhile, the Sky Sports Soccer Saturday pundit is set to play for a third tier Welsh club on the outskirts of Cardiff . Hooper added: "We are a very small club moving forward, but we have got some marvellous things happening".
    Chevron Corporation (NYSE: CVX)

    Chevron Corporation (NYSE: CVX)

    Ferguson Wellman Capital Management Inc. grew its stake in shares of Chevron Corporation by 0.9% in the 2nd quarter. Invsts Asset Management Of Georgia Ga Adv reported 0.52% of its portfolio in Chevron Corporation (NYSE: CVX ).