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He was referring to a report in the news portal The Wire, which claimed that Jay's business fortunes zoomed after the BJP came to power in 2014.
"The question of corruption does not arise in Jay's company," Shah said during a programme organised by news channel Aaj Tak.
"Congress has faced so many allegations of corruption. Have they ever filed a criminal defamation or a Rs 100 crore civil defamation suit? Why did they not gather the courage to file such cases. Jay has filed a defamation suit. He has sought an inquiry (by approaching the court). Now, you can go to the court with the facts," Shah said.
The Congress has demanded an inquiry into the matter, while the BJP called the article defamatory.
On October 9, Jay Shah filed a criminal defamation suit against The Wire in a metropolitan court in Ahmedabad.
In his application, he prayed for "criminal action against the respondents for defaming and tarnishing the reputation of the complainant through an article, which is scandalous, frivolous, misleading, derogatory, libellous and consisting of several defamatory statements.