Congress leader Kapil Sibal said at a press conference here that information obtained from the Registrar of Companies had revealed that Temple Enterprises Private Ltd, a company in which Jay Shah was a Director and which had a turnover of just Rs 50,000 in 2014-15, suddenly saw a spike of 16,000 times in its turnover in a year.
The Aam Aadmi Party also held a press conference and made similar allegations, saying the fortunes of Amit Shah's son rose after the BJP came to power and he became the party chief. The AAP demanded a probe into the matter.
Congress Vice-President Rahul Gandhi took a swipe at the Modi government and said the beneficiary of demonetisation had finally been found.
"We finally found the only beneficiary of Demonetisation. It's not the RBI, the poor or the farmers. It's the Shah-in-Shah of Demo. Jai Amit," Gandhi said in a tweet.
Sibal said at the media briefing that Temple Enterprises had recorded losses in 2012-2013 and 2013-2014 of Rs 6,230 and Rs 1,724, respectively but showed a profit of about Rs 18,000 in 2014-15.
Notably, the following year (in 2015-16), the company's turnover jumped to a whopping Rs 80 crore, he said.
The Congress leader's press conference was held after the news website, The Wire, broke the story.
The change in fortunes of the company came after the company received an unsecured loan of Rs 15.78 crore from KIFS Financial Services owned by a relative of a BJP Rajya Sabha member, Sibal claimed.
"We can only request the Prime Minister to order inquiries into this," he said.
AAP leader Ashutosh also demanded a thorough probe into the allegations and sought action.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
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Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.