Rahul Gandhi Demands JPC Probe into Alleged 'Biggest Stock Market Scam’

Mainstream
07-Jun-2024
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Congress leader Rahul Gandhi on Thursday called for a joint parliamentary committee (JPC) investigation into what he termed the "biggest stock market scam." Gandhi's demand came during a press briefing where he raised several pointed questions about the roles of Prime Minister Narendra Modi and Union Home Minister Amit Shah in recent stock market activities.

“Why did the PM 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? Why were both interviews given to the same media owned by the same business group which is also under SEBI investigation for manipulating stock?” Gandhi questioned.

Gandhi highlighted a connection between the BJP, fake exit pollsters, and dubious foreign investors. “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 salaries?” he added.

In a statement quoted by ANI, Gandhi declared, “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.”

Gandhi’s remarks came in the wake of statements made by Prime Minister Modi and Home Minister Shah prior to the recent Lok Sabha election results. On May 23, Modi had confidently predicted a surge in the stock market post-election results. “I can say with confidence that on June 4, as BJP hits record numbers, the stock market will also hit new record highs," Modi had said.

Similarly, on May 13, Amit Shah advised against linking stock market movements directly to the elections, encouraging investors to buy stocks before June 4. “The market has nosedived in the past as well. So one should not link it directly to elections. Anyway, some rumors may have fuelled it (the fall). In my opinion, buy before June 4. The market is going to shoot up," Shah had told NDTV Profit.

Rahul Gandhi further alleged that both Modi and Shah, having access to actual election data, misled retail investors. “This is a broader issue than just the Adani issue. It is connected to the Adani issue, but this is a much broader issue. This is directly the Prime Minister, the Union Home Minister, who is privy to data on actual election results, who have IB reports, who have their own data, who are advising retail investors to buy stock,” he asserted.

“This has never happened before. The Prime Minister has never commented on the stock market before. This is the first time the Prime Minister has commented very interestingly and multiple times, one after the other, saying that the stock market is going to boom," Gandhi continued.

He emphasized the gravity of the situation by stating, “At the same time, he has information that the exit polls are wrong. He has information that he knows what is going to happen because he has IB data and he also has his own party data.”

The call for a JPC probe by Rahul Gandhi underscores the opposition's push for greater scrutiny and accountability in what they allege to be a major financial scandal impacting millions of Indian investors.

Author: Anushka Taraniya

News writer