Rajeev Chandrasekhar denounces Hindenburg Report as a Congress-backed conspiracy to destabilize India’s economy

BJP leader and former Union Minister Rajeev Chandrasekhar has strongly criticized recent report by Hindenburg Research that makes allegations against the Chief of the Securities and Exchange Board of India (SEBI) and her husband. In a series of tweets, Chandrasekhar claimed the report is part of a concerted effort by foreign entities in collaboration with the Congress party to destabilize India’s financial system.

Chandrasekhar dismissed the Hindenburg report as lacking substance, labeling it a "classic Congress-style" attack, filled with "innuendo and lies" glued together with a few grains of truth. He asserted that the report's aim is to discredit SEBI and create chaos in the Indian markets, potentially harming investor confidence and derailing the nation's economic growth.

“Let’s be clear—this attack on @SEBI_India by a foreign bank #Hindenburg is an obvious partnership with the Congress and has an ominous motive and goal,” Chandrasekhar posted on X. “To destabilize, discredit one of the world’s strongest financial systems and create chaos in the world’s fastest-growing economy, i.e., India. On this, let there be no doubt," he added.

Chandrasekhar emphasized the progress India’s financial sector has made under Prime Minister Narendra Modi’s leadership, contrasting it with what he described as the "shattered, crony lending PSU banks amd 10% NPA legacy of UPA" inherited from the previous Congress-led United Progressive Alliance (UPA) government. He highlighted how India’s financial institutions have been rebuilt over the past decade, evolving from a period marred by scams like Sahara and insider trading frauds, to a "vibrant financial system" that continues to grow even as global markets face turmoil.
In a follow-up tweet, Chandrasekhar challenged the Congress party to a debate on the state of India’s financial sector, asserting that the country should be made aware of the "truth" regarding the contrasting legacies of the two major political forces.

“If the Congress wants to have a debate on who has done what to India’s financial sector, let’s have one,” he tweeted. “Let the country know the truth—how crooks and corruption from Sahara to #PhoneBanking & NPAs ruled the roost under Congress versus today’s markets and financial sector that have been cleaned up and are vibrant and equitable.”