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Modi, Shah should be probed for the June 4 stock market crash: Rahul Gandhi

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From Our Political Correspondent

New Delhi: It seems the going is getting further tough for Narendra Modi who is expecting to swear in for a third consecutive term as Prime Minister of the country and equal the record Pandit Jawahar Lal Nehru held for over six decades. Despite his tall claims of scoring 400 seats in the just concluded Lok Sabha Polls, Modi’s BJP, could not even reach the half-way mark, 272, on its own.  The saffron party had to be content with 240 seats, 32 seats away from the required number to form its own government at the centre. However, National Democratic Alliance (NDA), which was hastily reconstituted with bêtes noires like Chandrababu Naidu and Nitish Kumar, could muster 291 seats, and this was well above the magical figure of 272.

In fact, intense efforts are on from the Saffron Front to keep the NDA folk together and manage a third term for  Narendra Modi as the Prime Minister, but the Congress today “exploded”  a “political bomb,” which  could possibly upset the apple cart and impede the process of forming a Modi-led government at the Centre

Senior Congress leader Rahul Gandhi has on Thursday evening in a press conference charged Prime Minister Narendra Modi and Home Minister Amit Shah for “directly involving in stock market manipulations”.  According to Mr Gandhi the pre-poll TV interviews of Prime Minister Modi and Home Minister Amit Shah had triggered unusual movements in the stock market that cost the retail investors to the tune of ₹30 lakh crore.  Mr Gandhi  held PM Modi and Amit Shah responsible for the “biggest scam” in the history of the Indian stock market and demanded a joint parliamentary committee probe into it.

Mr Gandhi accused that the “fake” exit pollsters predicted 350-410 seats for the NDA and over 325 seats for the BJP to create a short-lived stock market bubble. The Congress leader said that the “manufactured” poll prediction by various TV channels activated an uncontrolled buying spree in the bourses that resulted in an unprecedented surge in the stock indices that crashed the day Lok Sabha polls results started tickling on June 4.

Castigating Modi-Shah duo for facilitating to manipulate the stock market in favour of certain “lobbies”, at the cost of the retail investor, Mr Gandhi said, “For first time we noted that during polls, Prime Minister Modi, Home Minister Shah, Finance Minister Nirmala Sitharaman commented on the stock market,” publicly.  According to the congress leader these comments were with an agenda to help certain market manipulators and profit mongers.

Addressing the media Mr Gandhi asked, “why did the Prime Minister and Home Minister give specific investment advice to the 5 crore families investing in the stock market? Is it their job to give investment advice?”

His second question was “why both their interviews were given to the same media house owned by the same business group, which is also under SEBI investigation for manipulating the stock market?”

Mr Gandhi then asked, “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 huge profits, at the cost of 5 crore families?”

Further detailing the “chronology” of incidents that led to the “stock market scam” he said, “On 13th May, 2024 the Home Minister says- buy shares before 4th of June, this is a clear indication to retail investors and others to buy stock.

On 19th May- for the first time and then repeatedly until the 28th May, the Prime Minister said that the stock market is going to break records on 4th June. Finally, on 1st June, completely fictitious exit polls were released. These investors are given a completely wrong impression and on the 3rd of June, as we all know, the stock market breaks all records and then crashes on the 4th of June. Whoever has made money, has made money as the stock market rose and also as the stock market crashed and we are interested in having a Joint Parliamentary Committee (JPC) to investigate the role of the Prime Minister, the role of the Home Minister, role of BJP members, and also those people who have done this fake exit polls and finally we want to understand who are the people, these foreign investors who did these trades. So, we want an investigation for that.”

The congress leader said, “the Prime Minister has never commented on the stock market before this. This is the first time the Prime Minister has commented very interestingly and multiple times, one after the other, saying that stock market is going to boom, stock market is going to boom, stock market is going to boom and 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.”

Mr Gandhi demanded a proper JPC probe against Narendra Modi and Amit Shah and others complicit in the criminal conspiracy to dupe the equity market. “The duo, Modi and Shah, triggered the “stock market scam” that rendered millions of retail investors bankrupt. They need to be brought to book.”

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