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Rahul Gandhi alleges stock market scam, calls for probe against Modi government

Congress leader accuses Narendra Modi, other top BJP leaders of influencing stock market ahead of Lok Sabha election results

Written by  Jasleen Kaur -- June 06th 2024 07:37 PM
Rahul Gandhi alleges stock market scam, calls for probe against Modi government

Rahul Gandhi alleges stock market scam, calls for probe against Modi government

PTC Web Desk: Congress leader Rahul Gandhi on Thursday levelled serious allegations against Prime Minister Narendra Modi, calling for a Joint Parliamentary Committee (JPC) investigation into what he described as the "biggest stock market scam."

During a press conference, the former Congress President questioned why top BJP leaders, including Prime Minister Narendra Modi, Union Home Minister Amit Shah, and Finance Minister Nirmala Sitharaman, made comments about the stock market just days before the Lok Sabha election results were announced.

"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," Rahul Gandhi said. "PM Modi 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 should all invest. A similar claim was made by the Finance Minister. Amit Shah says buy shares before June 4. On May 19, PM Modi says the stock market will break records on June 4," he added.

Rahul Gandhi's allegations followed a significant loss for equity investors, who saw a massive Rs 31 lakh crore wiped out as markets plummeted. The BSE Sensex tumbled nearly 6 percent when vote counting trends suggested the BJP might not secure an absolute majority in the Lok Sabha Elections.

In his press conference, Gandhi outlined the following timeline:

May 13: Amit Shah advises people to buy shares before June 4

May 19: PM Modi predicts the stock markets will break records on June 4

June 1: Last phase of polling, followed by media release of exit polls

June 3: Stock market reaches an all-time high

June 4: Major stock market crash, leading to a Rs 30 lakh crore loss for investors, particularly small ones

Rahul Gandhi further claimed that internal BJP surveys projected them winning 220 seats. "Intel agencies had informed the government that they would get 200-220 seats. The stock market breaks all records on June 3, and on June 4, the market crashes," he asserted.

"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?" Rahul Gandhi questioned.

He also raised concerns about PM Modi and Amit Shah giving interviews to a news channel allegedly owned by a business group under SEBI investigation for stock manipulation. Gandhi's statements have intensified the debate over the integrity of the stock market and the role of political leaders in influencing market sentiments.


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