Kharge claimed that during the 11 years of Modi’s tenure, bank frauds totalling Rs 6,36,992 crore were reported, representing a staggering 416 percent increase compared to previous periods.

He further noted that despite the demonetisation move in 2016, the number of fake Rs 500 notes has spiked by 291 percent in the last 6 years, with the current year marking the highest ever incidence of counterfeit currency.

The Congress chief’s allegations highlight persistent concerns about financial mismanagement, regulatory loopholes, and poor oversight under the current government, issues that have been repeatedly raised by the opposition and watchdog institutions.

Kharge mocks PM Modi’s sindoor comment

The Congress president’s remarks were also in response to PM Modi’s recent Operation Sindoor reference at a rally in Rajasthan, where the Prime Minister had invoked patriotism by saying sindoor runs in my veins, referring to India’s military actions and national pride.

Responding sarcastically, Kharge said:
Modi Ji, we don’t know what is in your veins, but it is certain that your government definitely has fraud and fakery in its veins.

This pointed comment drew a connection between Modi’s emotional appeal and the financial controversies that have plagued his government over the years.

Criticism over demonetisation and currency regulation

Kharge’s statement has reignited criticism of the 2016 demonetisation policy, which was initially projected as a move to eliminate black money and counterfeit notes.

However, according to Kharge, the opposite has occurred, with fake currency circulation rising sharply despite the government’s promise of tighter monetary regulation and technological advancements in note printing.

The 291 percent increase in fake Rs 500 notes, as alleged by the Congress, adds fuel to ongoing debates about the effectiveness of demonetisation and the actual outcomes versus promises made during that period.

Broader implications for the economy and governance

The Congress party has used these figures to underscore what it sees as a failure of economic governance. The Rs 6.36 lakh crore figure places bank frauds as a major concern, impacting not just fiscal stability but also the confidence of global investors and domestic depositors.

The issue becomes more politically potent as it contrasts sharply with the BJP's narrative of economic progress, digitisation, and financial reform.

Kharge’s remarks are also being interpreted as a strategic move to strengthen the opposition’s campaign ahead of state elections and the 2026 Lok Sabha election build-up.

Context of political rivalry and Operation Sindoor

Prime Minister Modi’s Operation Sindoor reference came after the Pahalgam terror attack, where he positioned his government as a defender of national honour. While this appealed to nationalist sentiment, Kharge used the same reference point to paint a picture of economic betrayal, accusing the government of misusing nationalistic narratives to distract from systemic failures.

This exchange between the ruling and opposition parties is reflective of the current political climate, where both sides are attempting to shape public perception through powerful messaging.

Conclusion

The allegations made by Mallikarjun Kharge reflect a broader concern about rising financial frauds, ineffective policy measures, and a lack of accountability in the banking sector under the Modi government.

Whether these charges gain political traction will depend on how the ruling BJP chooses to respond, but it is clear that bank frauds and economic governance have become key election issues.

Kharge’s statement also indicates that the Congress party plans to continue its attack on the Modi government's economic record, framing the BJP’s long-standing rule as one marred by financial irregularities, rising corruption, and hollow promises.

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