Congress leader Rahul Gandhi accused Narendra Modi and Home Minister Amit Shah of giving "investment advice" during the Lok Sabha election campaign, resulting in significant losses for retail investors. He termed it the "biggest stock market scam" and called for a Joint Parliamentary Committee (JPC) probe.
At a press conference, Gandhi claimed that the stock markets initially rose after 'fake' exit polls, only to crash on June 4. He noted, "For the first time, we saw the Prime Minister, Union Home Minister, and Finance Minister commenting on the stock market. The Prime Minister said the stock market is rising rapidly. Amit Shah said to buy shares before June 4, and on May 19, PM Modi said the stock market would break records on June 4. Why did the PM and Home Minister give investment advice to investors?"
Gandhi stated that retail investors lost Rs 30 lakh crore, describing it as the biggest stock market scam. He questioned the role of Modi and Shah in giving specific investment advice and highlighted the involvement of a media group under SEBI investigation for stock manipulation. "We demand a JPC into this. We are convinced this is a scam. Somebody has made thousands of crores at the cost of Indian retail investors," he asserted.
Gandhi also called for an inquiry against Modi, Shah, and those responsible for conducting exit polls.
The 2024 Lok Sabha election results showed the BJP winning 240 seats, a decline from their 2019 tally of 303. The Congress gained significantly, securing 99 seats, while the INDIA bloc surpassed 230 seats. Although Modi secured a third term, the BJP fell 32 seats short of the 272 majority mark and will need support from coalition partners JD (U) chief Nitish Kumar and TDP chief Chandrababu Naidu. This marks the first time since 2014 that the BJP did not secure a majority on its own.
