The wire has published a report titled “The Golden touch of Jay Amit Bhai shah” highlighting the success story of  “Temple enterprises” a firm co-owned by Jay Shah, Son of BJP national president Amit shah. The company’s revenue grew to 80000 crore from just Rs 50000 showing an exponential growth of over 16000 times. The part which attracts attention in the report is that the financial statements of the company, show a massive growth after BJP came into power. The statements state that the firm incurred loss in the year 2012-13, 13-14 but turned into a profitable entity in 14-15 showing profit of about Rs 18000. Further in 2015-16 its turnover rose to Rs 80 crore showing massive profits and exponential growth. Interestingly the firm wound up in October 2016 after i.e. just after turning profitable. Another important issue raised in the report is about the amount of loan secured by the company under the stressful conditions of the balance sheet. It received an unsecure loan of about Rs 16 crore from a non-banking financial institution named KIFS Financial Services, a company owned by in laws of a BJP Rajya Sabha MP. These connections raise reasonable doubt on the credibility of the procedure through which loan was obtained.

Another Company, Kusum Finserve was floated in the year 2016, with Mr Jay Shah owing more than 60% stake in it. This LLP also received a loan of whooping amount of Rs 25 crore from a cooperative bank – the Kalupur Commercial Cooperative Bank. The question which the wire raises is whether it was the financial statement of the company which helped in securing loan or the influence of Mr. Shah who is considered the most important person in the country’s politics in today’s scenario. Mr Jay Shah has filed a defamation suit of rupees 100 crore against the The Wire for the publication of report.