Stock market 'scam': Modi, Shah directly involved, says Rahul Gandhi

Congress leader Rahul Gandhi on Thursday (June 6) alleged that Prime Minister Narendra Modi and Home Minister Amit Shah were "directly involved" in what he described as the "biggest stock market scam" in which retail investors lost Rs 30 lakh crore, and demanded a joint parliamentary committee probe into it.

Addressing a press conference here, he also said stock markets rose after "fake" exit polls and then crashed the day Lok Sabha polls votes were counted on June 4.

Retail investors lost Rs 30 lakh crore and this is the "biggest stock market scam", he said.

What Rahul said in press conference:

• Home Minister told the country that markets will rally on June 4 so people should buy shares before June 4. Modi said the same thing on May 19. Media released fake exit polls on June 1. On June 3, stock market broke all records and on June 4 it crashed.

• May 31 saw massive stock market activity. These people knew some fraud was underway. Crores was invested on this day and on June 4, 30 lakh crore was lost in the stock market. This is the biggest stock market fraud of the country.

• Why did the PM and HM give specific investment advice to 5 crore Indian families investing in the stock market? Is it their job to give financial advice?

• Why both interviews were given to the same media house owned by the same group which is under SEBi investigation for manipulating stocks?

• What is the connection between the BJP, the fake exit pollsters and dubious investors who invested one day before exit polls were announced and made a huge profit at the cost of 5 crore Indian investors? We demand a JPC into this and we are absolutely convinced that this is a scam. This is a criminal act.

• This is a broader issue than just the Adani (Hindenburg report) issue. The PM had never commented on stock market investment before. He had information that exit polls were wrong because he has the IB data, the data of his own party.. This is much larger than just Adani. The biggest leaders of the BJP told the people to buy stocks despite knowing that they are not going to get a majority but they told people (that they will). This has to be investigated.

• Whenever we raise such issues in Parliament, BJP says we are stalling Parliament and wasting people’s money. Reality is that the people’s money has been lost (in the stock market) and a JPC investigation is necessary. We will exert pressure for a JPC. The political situation of the past (that allowed) PM to act with impunity, doesn't exist now.