Congress MP-elect Rahul Gandhi has demanded a joint parliamentary committee (JPC) probe into interim Prime Minister Narendra Modi and Home Minister Amit Shah, accusing them of complicity in what he calls the “biggest-ever stock market scam.” According to Gandhi, the scandal has cost regular investors a staggering Rs 30 lakh crore.
Did the BJP manipulate investors?
Gandhi said during a news conference in New Delhi that Modi, Shah, and Finance Minister Nirmala Sitharaman, for the first time, recommended people invest in the stock market during television appearances before the Lok Sabha 2024 election results were declared on June 4. He questioned why the Prime Minister and the Home Minister would give such investment advice, accusing them of doing so in interviews on Adani-owned channels.
Gandhi claimed that both Modi and Shah were aware of the unreliability of exit polls and the BJP’s expected performance based on data from the Intelligence Bureau (IB) and the party’s internal surveys. He claimed that this insider information prompted them to make investments, resulting in huge losses for retail investors when the market did not perform as expected.
Call for Investigation
Gandhi emphasized the need for a JPC investigation to uncover the truth about these events. He raised many concerns about the influence of Adani-owned media outlets, the relationship between the BJP and foreign investors, and the effect of deceptive information on the stock market via national television.
This has never happened before that the PM has commented on the stock market. This is happening for the first time, and multiple times, one after the other, he is saying that the stock market is going to boom. At the same time, he has information that the exit polls are wrong, and he knows what is going to happen because of the IB [Intelligence Bureau] data and his own party data,” said Gandhi.
BJP’s Response
In a press conference, BJP MP-elect Piyush Goyal dismissed Gandhi’s accusations, claiming that Gandhi is trying to mislead investors out of frustration over his defeat in the Lok Sabha elections. In an attempt to deny the allegations and call them baseless, Goyal also mentioned the growth in India’s market capitalization under the Modi government.
“The absurd allegations made by Rahul Gandhi clearly show his inability to recover from the opposition’s defeat,” Goyal said. “Instead of misleading investors, he should focus on fulfilling the promises made during the elections.”
