Amit Shah mortgaged two of his properties for his son Jay Shah’s business venture Kusum Finserve LLP, which has recorded dramatic increase in credit facilities in recent years despite its poor finances. The BJP national president’s contingent liability with respect to this credit facility is, however, missing from his 2017 electoral affidavit. Publicly available documents indicate that in 2016, two of Amit Shah’s properties were mortgaged to the Kalupur Commercial Co-operative Bank, one of Gujarat’s largest cooperative banks, to secure Rs 25 crore in credit for Kusum Finserve. New documents accessed by The Caravan show that since 2016, Kusum Finserve has secured credit facilities amounting to Rs 97.35 crore—in tranches of Rs 10.35 crore, Rs 25 crore, Rs 15 crore, Rs 30 crore, and Rs 17 crore—from two banks, and one government undertaking. The credit extended to Kusum Finserve has gone up by nearly 300 percent in the last year, even while its latest reported balance sheets show a net worth of only Rs 5.83 crore.
