Congress leader Rahul Gandhi on Thursday accused Prime Minister Narendra Modi and Home Minister Amit Shah of providing misleading “investment advice” during the Lok Sabha election campaign, leading to massive losses for retail investors. Rahul Gandhi demanded a Joint Parliamentary Committee (JPC) probe, calling it the “biggest stock market scam.”
At a press conference, Gandhi claimed that following “fake” exit polls, the stock markets initially surged but then crashed on June 4. He highlighted that, unusually, top government officials, including the Prime Minister, Home Minister, and Finance Minister, made comments about the stock market during the election period.
“For 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. 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 similar was said by the Finance Minister,” Rahul Gandhi stated. He added that Amit Shah specifically urged investors to buy shares before June 4, and on May 19, PM Modi predicted record-breaking performance for the stock market on June 4.
Rahul Gandhi Accuses ‘Biggest Stock Market Scam’
Rahul Gandhi alleged that this advice led to retail investors losing Rs 30 lakh crore, labeling it the “biggest stock market scam.” He questioned the appropriateness of government officials providing investment advice and pointed out the curious timing and media outlets involved.
“Why did PM Modi and the 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? Why were both interviews given to the same media owned by the same business group, which is also under SEBI investigation for manipulating stock?” Rahul Gandhi queried.
“We demand a JPC into this. We are convinced that this is a scam. Somebody has made thousands of crores of rupees at the cost 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.”
Rahul Gandhi also called for an inquiry against PM Modi, Home Minister Shah, and those responsible for conducting exit polls.
The counting of the 2024 Lok Sabha election votes was completed on Tuesday. According to the Election Commission of India, the BJP secured 240 seats, significantly lower than its 2019 tally of 303. The Congress, on the other hand, showed strong growth, winning 99 seats. The INDIA bloc crossed the 230 mark, posing stiff competition and defying predictions.
Prime Minister Narendra Modi secured a third term, but the BJP will need to rely on support from coalition partners, including JD(U) chief Nitish Kumar and TDP chief Chandrababu Naidu. The BJP fell 32 seats short of the 272 majority mark, marking the first time since 2014 that the party did not secure a majority on its own.
