Rahul Gandhi Alleges Massive Stock Market Scam, Demands Joint Parliamentary Committee Investigation

ByTV10 Punjab

Jun 8, 2024
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National Desk
June 7,
Sandeep Dhand Ludhiana

Former Congress president Rahul Gandhi has accused Prime Minister Narendra Modi and Home Minister Amit Shah of orchestrating the “biggest scam in the stock market,” resulting in a loss of 30 lakh crore rupees for retail investors. Gandhi has called for the formation of a Joint Parliamentary Committee (JPC) to investigate the matter.

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Speaking to reporters, Gandhi questioned why the top leaders of the government gave investment advice and linked their actions to the subsequent market crash. He alleged that misleading exit polls after the elections contributed to the scam, which he described as a criminal act.

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“Thousands of crores of rupees were invested, and 30 lakh crore rupees of retail investors were drowned,” Gandhi stated. “Why did the Prime Minister and the Home Minister give investment advice? Why were five crore investors advised to buy shares? Who are the foreign investors who benefited?”

Gandhi highlighted unusual market activity around the election results. “For the first time, we noticed that the Prime Minister, the Home Minister, and the Finance Minister commented on the stock market during the elections. Then, on June 1, there were ‘fake exit polls,'” he claimed. According to Gandhi, BJP’s internal surveys showed they were getting 220 seats, but exit polls indicated otherwise. “On June 3, the stock market breaks all records, and on June 4, it crashes.”

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Former Indian Administrative Service (IAS) officer E. A. S. Sharma has also called for an investigation by the Enforcement Directorate (ED) into the market’s steep decline on June 4. In a letter to Economic Affairs Secretary Ajay Seth, Sharma questioned whether the Securities and Exchange Board of India (SEBI) had taken any measures to address the market’s volatility and whether an investigation had been initiated to uncover the reasons behind the sharp fluctuations on June 3 and 4.

The allegations and demands for a JPC probe come amidst growing concerns over regulatory oversight and market integrity, with millions of investors looking for answers.