The former finance minister, who has turned a strong critic of the Modi government's economic policies, also objected to the filing of a Rs 100 crore defamation suit against The Wire, which carried a story on Jay Shah's business.
Such an attempt to suppress the voice of the media was avoidable, he told reporters here.
"I will certainly like to say that the manner in which a central minister jumped into fray in defence of Jay Shah was not called for. He is a central minister not a chartered accountant of Jay Shah," Sinha said, in an apparent reference to Union minister Piyush Goyal's defence of Amit Shah's son.
"Perhaps, the high moral ground we have acquired all these months and years appears to have been lost," Sinha said.
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He, however, insisted that he did not want to comment on the merit of the story, which said that there was a huge rise in the turnover of Jay Shah's company after the BJP came to power in 2014.
It is a matter of inquiry and investigation, and any government agency can do it, Sinha said.