Alleging 30 lakh crore Stock Market scam due to Exit Polls, Congress seeks JPC probe

Shri Rahul Gandhi’s Press Conference

New Delhi: Former Congress President Shri Rahul Gandhi on June 6, 2024, alleged a scam worth Rs. 30 lakh crores on account of fake Exit Polls which prompted massive buying of shares, followed by market crash once the actual poll results were declared.

Shri Rahul Gandhi demanded an inquiry by the Joint Parliamentary Committee (JPC) to probe the role of the Prime Minister, the Home Minister and the Finance Minister. Addressing a press conference at the AICC headquarters, Shri Rahul Gandhi pointed out that for the first time we noticed that during the elections, the Prime Minister, the Home Minister and the Finance Minister commented on the stock market. The Prime Minister told the country two-three times, even four times that the stock market is going to grow rapidly. The Home Minister directly said that on June 4, the stock market will skyrocket, people should buy and the Finance Minister also gave the same message. So, this is the chronology. Amit Shah says, - Buy shares before June 04; Shri Narendra Modi Ji says on May 19 - Stock market will break records on June 4, and then repeats the same on May 28. On June 01- Media releases false exit polls. BJP’s internal survey was giving them 220 seats. So, this information was with BJP leaders. Intelligence agency had told the government that BJP is getting between 200 and 220 seats. On June 03, the stock market breaks all records and on June 04, the stock market goes underground. When the actual results were way off the mark from the Exit Poll claims, the market crashed leading to loss of Rs. 30 lakh crores to the retail investors, he pointed out. Look at this anomaly. Who are these people? These are the people who know that some scam is going on. Thousands of crores of rupees have been invested here. Foreign investors have invested and after that, there is a loss of 30 lakh crores of rupees. Who suffers the loss? Retail investors suffer the loss.

So, what you are seeing is the biggest scam in the history of the Indian stock market and we want to ask some questions about it. · Why did 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? · Why both interviews were given to the same media house owned by the same business group, which is also under SEBI investigation for manipulating stock market? · 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?

We demand a Joint Parliamentary Committee (JPC) into this. We are absolutely convinced that this is a scam. Somebody has made thousands of crores of rupees at the cost of Indian retail investors and the Prime Minister and the Home Minister have given an indication to buy, and this is a criminal act. So, we demand today a Joint Parliamentary Committee (JPC) to investigate this.We want an investigation and the country wants to know the truth. Thank you!

Congress General Secretaries Shri KC Venugopal and Shri Jairam Ramesh,Chairman, Professionals’ Congress & Data Analytics Shri Praveen Chakravarty, Chairman, Media & Publicity Shri Pawan Khera, and Chairperson, Social Media Ms. Supriya Shrinate, were also present on the dais during the press conference.

On a question that you asked for a JPC on Adani issue earlier, do you want that this issue and Adani-Hindenburg issue get investigated together?

Shri Rahul Gandhi said-This is a broader issue than just the Adani issue. It is connected to the Adani issue but this is a much broader issue. This is directly the Prime Minister of India, Home Minister, who are privy to data on actual election results, who have IB reports, who have their own data, who are advising retail investors to buy stock… this has never happened before. And by the way, the Prime Minister has never commented on 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.

On another question, do you directly mean that this has been done to benefit Adani? Shri Rahul Gandhi said that no, I mean to say that Adani may be involved in this, but this is a much bigger thing than Adani, the biggest leaders of BJP have said this, have given a message to retail investors that you should buy stocks. They had information that the exit polls are wrong, they had information that BJP is not going to get full majority and they knew what was going to happen on 03 June and 04 June. There has been a loss of Rs. 30 lakh crores and elected people have benefited by thousands of crores of rupees and we want an inquiry against the Prime Minister, the Home Minister, those who conducted the exit polls and these foreign investors.

On another question that are you alleging the involvement of the Prime Minister and the Home Minister, Shri Rahul Gandhi said- Yes! That is what I am saying. I am saying that people very high up in the BJP have carried out the scam. I am saying- they had partners who carried out these exit polls. We would like to know if these exit polls were actually carried out, if people were actually sent out, and we would also like to know the methodology of these polls, we would like to understand who these investors are. We have some sense of who these investors are.

So, we are not just speaking out of the air, we are confident that if an investigation is done, interesting things will be revealed and we think that the Prime Minister and Home Minister are directly involved in this.

On another question, do you think that those companies should also be investigated whose shares were bought the most and whose shares were sold later? Shri Rahul Gandhi said that we say that it is very clear here that a scam has taken place. The Prime Minister has directly said, the Home Minister has directly said, indicated to the public that the stock market will go up. The Home Minister has clearly said that they should buy and when the Prime Minister, Home Minister and Finance Minister say such things, then there is a reaction, people do believe it. So, it is absolutely clear that these three people have said this, it is also clear that they knew that the result is not 400, not even 300, so we want to find this out. What you are saying is also included in it.

On another question, you said that this is such a big scam, you said that this is a criminal case, so will we go to court or file a complaint with the police? Shri Gandhi said, I just told you that we are demanding a JPC, we are demanding an investigation. We will do whatever we have to do, but we are giving you this information that what has happened is not a normal thing. In this, the Prime Minister has given an indication, the Home Minister has given an indication, the Finance Minister has given an indication, Adani ji has given interviews through channels and finally people have invested, people have taken financial action, companies have bought shares.

On another question that on the demand of JPC, many times the work in the Parliament comes to a standstill, do you think that you people can adopt any other way, like taking to streets, because this is the money of the common man? Shri Rahul Gandhi said that we are telling the public a reality that a scam has clearly happened here. The Prime Minister has indicated here, the Home Minister has indicated here, the Finance Minister has indicated here. Normally, the position of BJP is that whenever we raise any issue, we are wasting the time of the Parliament, you have adopted the same position, that is why I told you that look, you are taking the position of BJP. The reality is that we will get a JPC formed, now the opposition has a lot of power, a lot of strength and the entire situation of the Parliament has changed.

On another question that the common investors of the country, who have lost Rs. 30 lakh crores, will also include people from Karnataka, Telangana and Himachal Pradesh, your government is in power in all three states, can we expect any action from the investigation agencies of these states? Shri Rahul Gandhi said that it can be thought about, but for such a thing, perhaps JPC will be the right tool.

On another question that you have talked about JPC in the previous scams and in this big scam that has come to light, you are demanding JPC in this too, do you think that these people are going to implement JPC, if they don’t do it then what will you people do? Shri Rahul Gandhi said that no, we will put pressure, but I think that the earlier political situation, the impunity with which the Prime Minister used to work earlier, I think that is over now. So, a different result will come.

On another question, do you mean to say that the government has helped those industrialists to become richer? Shri Gandhi said, no, I am saying, I am not just talking about the government, I am talking about two individuals. The Prime Minister... and all the retail investors of India who have suffered losses, I am talking to you, you will understand this. Your money is gone, your earnings are gone, you have suffered losses and this includes crores of young people who are honest. So Narendra Modi Ji and Amit Shah Ji gave you the message that the stock market will skyrocket on June 04 and you believed them, but the truth was that Narendra Modi knew that the stock market will not skyrocket on June 04, the stock market is going to suffer a huge loss on June 04 because he had the intelligence report and the internal assessment of BJP of 220 seats was in his hands.

So, this is my question and I want to tell you, the investors, that the hurt you have suffered, the pain you have felt, has been caused to you by the statements of Narendra Modi and Amit Shah and thousands of crores of rupees have been stolen by someone. They have gone from your pockets, from the pockets of retail investors.

So, I want, I am saying for you that there should be an investigation, it should be found out why the Prime Minister, the Home Minister gave you this wrong information? And who are these people, the investors, the foreign investors, who took advantage on this day? Look at this, this is the graph (explaining by showing the graph). This is the red chart, look at it, this is normal trading, this grey one is normal trading and this trading, this is abnormal trading, it is two-three times more. Then this is the loss. So, I am asking Narendra Modi ji and Amit Shah that what was your role in this and I am asking for the retail investors, for your help, for helping you and if there will be an investigation, it will be for you.