Congress leader Rahul Gandhi held a press conference on Thursday, accusing Prime Minister Narendra Modi and Home Minister Amit Shah of orchestrating what he described as the “biggest stock market scam” in history. Gandhi alleged that during the Lok Sabha election campaign, Modi and Shah provided “investment advice” to the public that resulted in massive financial losses for retail investors. He demanded that a Joint Parliamentary Committee (JPC) be established to investigate the matter.
“The first time we noted that during the elections, the Prime Minister, the Union Home Minister, and the Finance Minister commented on the stock market,” said Gandhi. “The Prime Minister said that the stock market is rising at a great speed. The Union Home Minister said that on June 4, the stock market will be on the rise and you all should invest, and the Finance Minister conveyed similar messages. Amit Shah said, ‘Buy shares before June 4.’ On 19 May, PM Modi claimed that the stock market would break records on June 4. Why did they provide investment advice to investors?” The Congress leader emphasized that the retail investors lost Rs 30 lakh crore, making this the largest stock market scam.
Gandhi questioned the motives behind this guidance and raised several concerns about the legitimacy of these statements. “Why did PM Modi and Union Home Minister give specific investment advice to the five crore families investing in the stock market? Is it their job to give investment advice?” he asked. Gandhi pointed out that both interviews were given to the same media outlet owned by a business group under investigation by the Securities and Exchange Board of India (SEBI) for alleged stock manipulation.
“What is the connection between the BJP, the fake exit pollsters, and the dubious foreign investors who invested one day before the exit polls were announced and made a huge profit at the cost of five crore families? We demand a JPC investigation into this. We are convinced this is a scam. Somebody has made thousands of crores of Rupees at the expense of Indian retail investors, and the Prime Minister and the Union Home Minister have given an indication to buy. So we demand today a joint parliamentary committee to investigate this,” he asserted.
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He further demanded a thorough inquiry against PM Modi, Home Minister Shah, and those responsible for conducting the exit polls. These exit polls were later discovered to be ‘fake’, misleading the public and artificially inflating stock prices before a sudden crash on June 4.
The counting of votes for the 2024 Lok Sabha elections took place on Tuesday, resulting in a major political shift. According to the Election Commission of India, the BJP won 240 seats, significantly lower than its 2019 tally of 303. The Congress Party experienced substantial growth, winning 99 seats. The INDIA bloc, an opposition coalition, defied predictions by securing over 230 seats, presenting a formidable challenge to the BJP.
While Prime Minister Narendra Modi managed to secure a third term in office, the BJP now faces the challenge of ruling without an outright majority. With 240 seats, the party fell 32 seats short of the 272-seat majority mark. To form a government, the BJP will need to rely on coalition partners, specifically JD(U) chief Nitish Kumar and TDP’s chief Chandrababu Naidu. This marks the first time since the BJP swept to power in 2014 that the party will govern without a parliamentary majority, a significant departure from its previous dominance.
Throughout the press conference, Gandhi’s harsh criticism and call for a comprehensive investigation point to a growing political clash and demand for accountability. His allegations and the subsequent demand for a JPC probe have set the stage for what could be an extensive and politically charged inquiry into the alleged stock market manipulation.
This issue not only brings the integrity of the financial advice provided by high-ranking officials into question but also casts a shadow over the recent electoral process and its potential influence on financial markets. Rahul Gandhi’s insistence on an investigation reflects growing concerns about transparency and accountability at the highest levels of government.
As the political landscape shifts post-election, the demand for a JPC probe into these alleged actions will likely remain a contentious subject, influencing both political discourse and public sentiment in the days to come.
