Earlier, the Minister of Railways Piyush Goyal had said the allegations levelled against Jay Shah were baseless.
BJP has denied all allegations against Amit Shah's son Jay.
"I had taken loan either from NBFC or Non-funded Credit Facilities from cooperative banks on purely commercial terms strictly in accordance with law. The loans taken from NBFCs have been fully paid along with interest after deducting TDS".
He said, "Mr. Jay Shah will file criminal defamation suit of Rs. 100 crore against author (of article), editor and owner of news website The Wire". 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".
Sibal, citing the RoC filings, also alleged that a firm Kusum Finserve LLP, in which Jay Amit Shah had 60 per cent stake, had got a contract in Madhya Pradesh in wind power sector despite the company being engaged in stock trading.
Sibal, while talking to the media persons, here said the total assets, number of employees Jay Shah's company had, all these questions are a mystery and probe is needed to reveal the complete truth.
The case will filed in Ahmedabad where Jay Shah lives.
The report also said that the company received an unsecured loan of Rs 15.78 crore from a financial services firm owned by Rajesh Khandwala, promoter of KIFS Financial Service and the in-law of Parimal Nathwani, a BJP-supported Rajya Sabha MP and senior executive of Reliance Industries. We know who CBI, ED will investigate and who ED and CBI will not investigate.
Union minister Piyush Goyal, who was fielded by the BJP after Opposition parties started attacking party president and the Modi government, rejected the charges and said it was not avoiding the issue but has gone on the offensive, as he mentioned about the defamation case in the matter.
The Congress leader also questioned Goyal the reason behind giving loan from his ministry in the name of startups to Jay Shah and asked him to reveal the number of companies they have provided loan for the same goal. The Congress sought answers from Prime Minister and the BJP president, and demanded a probe by the ED and the CBI. "Latest in the series of corruption cases under Modi". He said the bank, and not a union minister, should defend the loan. Birla-Sahara Dairy, GSPCL, Vyapam, Lalit Modi, rice and mining scams. "Why is PM silent?.L K Advani had resigned after the Jain Hawala diary episode while its then party president Bangaru Laxman had quit after a corruption expose".