Cong warns of stir if JPC demand not met; BJP blames Oppn for economic chaos

NEW DELHI: As the political slugfest continued over the allegations in the Hindenburg Research report, the BJP on Monday launched a blistering attack on the Congress and its leader Rahul Gandhi, accusing them of attempting to spread economic anarchy in the country by raising questions about the integrity of Indian stock markets based on the latest allegations made by the US short-seller. The Congress warned of a nationwide stir if a JPC probe is not initiated.

Addressing a press conference, former Union minister and senior BJP leader Ravi Shankar Prasad said: “We expected that after being ousted from power for the third time, these people [Congress] would not use the toolkit. Hindenburg’s report came out on Saturday, there was an uproar on Sunday, and the capital market was destabilised on Monday.”

Prasad’s remarks came after Hindenburg Research, citing whistleblower documents, claimed in a report that SEBI chief Madhabi Puri Buch and her husband held stakes in an offshore fund where a substantial amount of money was invested by associates of Vinod Adani, brother of Adani Group chairman Gautam Adani.

Prasad suggested that there was something suspicious about the timing of the latest allegations, stating: “In July, Hindenburg received a [show cause] notice from SEBI. Instead of responding to this notice, Hindenburg has made a baseless attack. SEBI has responded. The SEBI chairman has also responded.”

Furthermore, Prasad alleged that American billionaire-philanthropist George Soros is the main investor in Hindenburg, implying a larger conspiracy. He also accused Rahul Gandhi of harbouring a “pathological hatred” towards Prime Minister Narendra Modi.

The BJP also rejected the Congress’ demand for a JPC probe into Hindenburg’s allegations against the SEBI chairperson, calling it a sham with the intention of weakening the Indian economy and destroying investment in the country.

Ravi Shankar Prasad reiterated the party’s stance that the short-selling firm’s charges and the Opposition’s criticism of the market regulator are part of a broader conspiracy.

While India is being globally seen as a safe, stable, and promising market, the Congress party wants to project that the Indian investment scenario is not safe, he alleged, suggesting that the Opposition party was seizing on “chits” provided by foreign entities to damage the economy. The Congress wants the stock market, which has provided good returns to crores of small investors, to crash, he said.

“After being rebuffed by the people, the Congress, its allies, and its closest ally in the toolkit gang have conspired together to usher in economic anarchy and instability in India,” he told reporters.

The 10-year rule of the Congress between 2004 and 2014 was marked by several alleged scams, Prasad noted, as he questioned why such critical reports were not brought out then.

With Gandhi spearheading his party’s attack on the government over the issue, Prasad said he has a habit of throwing unfounded charges and noted that he never gave his phone for investigation after an inquiry was ordered over the Pegasus issue. The BJP will expose the Congress, he claimed.

The Congress has demanded Buch’s resignation and urged the Supreme Court to transfer the Adani probe to the CBI or a Special Investigation Team, given the “likelihood of SEBI’s compromise.”

The Opposition party also reiterated that the path forward is to immediately convene a Joint Parliamentary Committee (JPC) to investigate the full extent of what it described as the “Modani mega scam.”

Stepping up its attack on the Modi government over Hindenburg Research’s allegations against SEBI chairperson Madhabi Puri Buch, the Congress threatened to launch a nationwide protest if its demand for a JPC probe into the matter is not accepted.

AICC General Secretary (Organisation) K C Venugopal described the allegations as “very serious” and accused the prime minister of supporting the Adani Group and its chairman Gautam Adani in the matter.

He pointed out that the Supreme Court’s verdict in this case was based on SEBI’s report, but SEBI chairperson Madhabi and her husband had not disclosed to the apex court their investments in the offshore entities linked to Adani.

“It’s a situation where the fence itself is eating the crop; even the Supreme Court was misled,” the Congress leader said. “The Supreme Court should take up the case on its own.”

He also said that the Congress would examine the legal aspects for approaching the top court on this matter.

“Why is the government afraid of a JPC? Doesn’t it imply that there is something to hide and be afraid of?” Venugopal asked, adding that the Congress and INDIA bloc will move towards a nationwide protest if the Centre refuses to constitute the JPC.