New Delhi: The Congress on Sunday sought an inquiry into allegations that the turnover of a company linked to Jay Amitbhai Shah, son of BJP chief Amit Shah, increased 16,000 times after the BJP came to power at the Centre in 2014.

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 Rs50,000 (Dh2,809) 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 Rs6,230 and Rs1,724, respectively but showed a profit of about Rs18,000 in 2014-15.

Notably, the following year (in 2015-16), the company’s turnover jumped to a whopping Rs800 million (Dh45 million), 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 Rs157.8 million 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.

The BJP on Sunday termed as “malicious and defamatory” an article raising questions on the transactions made by firms owned by Jay Shah, the son of BJP President Amit Shah, and said the younger Shah would file a Rs1 billion civil and criminal defamation lawsuit against the author of the story and the editors and owners of news website The Wire.

Union Minister Piyush Goyal, briefing the media on the matter, said all the transactions and loans obtained by Jay Shah’s firms — Temple Enterprises Pvt Ltd and Kusum Finserve — were done in a transparent manner and the loans were paid back with interest.

“The article through malicious imputations is trying to damage the reputation of our leader Amit Shah. Jay Shah has decided to file criminal and civil defamation suit against the author, editors and the owner of news website The Wire for Rs100 crore [Rs1 billion] for defamation,” Goyal said.