The Alleged Modi Team Stock Market huge Scam
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The recent stock market crash in India, which occurred on June 4, 2024, has been attributed to a scam by the Congress party leader Rahul Gandhi. According to Gandhi, the Prime Minister Narendra Modi, Home Minister Amit Shah, and Finance Minister Nirmala Sitharaman were directly involved in the scam, which resulted in a loss of Rs 30 lakh crore (approximately $386 billion) for retail investors.
Gandhi alleged that the BJP leaders had information that the exit polls were wrong, yet they gave specific investment advice to the five crore families investing in the stock market. He questioned why they gave advice to buy stocks before June 4, when they knew the exit polls were incorrect. Gandhi also pointed out that the same media house owned by the same business group, which is under SEBI investigation for manipulating stock markets, was used to give these interviews.
The chronology of events is as follows:
1. May 13: Amit Shah advised people to buy shares before June 4.
2. May 19: Prime Minister Narendra Modi said that the stock market would break records on June 4.
3. June 1: Exit polls were released, indicating a landslide victory for the BJP.
4. June 3: The stock market reached an all-time high.
5. June 4: The stock market crashed, resulting in a loss of Rs 30 lakh crore for retail investors.
Gandhi demanded a Joint Parliamentary Committee (JPC) probe into this matter, claiming that it was the biggest stock market scam in India's history. He also asked why the Prime Minister and Home Minister gave specific investment advice to people, when it was not their job to do so.
The stock market crash was attributed to the unexpected outcome of the Lok Sabha elections, where the BJP failed to win a majority of seats. The market had anticipated a landslide victory for the BJP, but the actual results showed a significant shortfall in seats.
Modi team's involvement in the stock market scam is alleged to have resulted in a loss of Rs 30 lakh crore for retail investors.