Two civil society platforms on Tuesday wrote to President Droupadi Murmu demanding a thorough probe into the May 8 statement by Prime Minister Narendra Modi in Telangana, in which he had accused two corporate houses of hoarding and distributing black money while attacking Rahul Gandhi.

Modi, at a poll rally in Telangana's Karimnagar, questioned if the Congress leader stopped attacking Ambani and Adani Groups in the run-up to this Lok Sabha poll because of possible "deals" with "Ambani-Adani".

"How much money has the Shahzade (prince, the saffron ecosystem's epithet for Rahul) taken from Ambani and Adani in this election? How many bags full of black money did he receive? Has a currency note-laden tempo arrived for the Congress? What deal has been sealed for which you stopped abusing Ambani-Adani overnight?" Modi had asked on May 8.

In a news meet at Kolkata Press Club on Tuesday, members of civil society outfits, The Educationists' Forum West Bengal and Desh Banchao Ganamancha, asked why the Enforcement Directorate has not started a probe on charges of hoarding and distributing black money against these two entities.

"The cash in circulation has more than doubled now compared to during the year of demonetisation. The poor and the middle-class people have been transacting through Internet banking or the UPI. My question is, where is the cash going? Who is hoarding this black money?" asked Akhil Swami, a Delhi-based independent researcher on corporate governance and Business Management.

Prime Minister Modi, on November 8, 2016, had announced the demonetisation of all banknotes of ₹500 and ₹1,000, effective from four hours of his address to the nation.

Apart from Swami, former vice-chancellor of North Bengal University Omprakash Mishra and former state labour minister Purnendu Basu were among the speakers who claimed that the stock market saw volatility after Modi's Telangana statement.

"We want the Securities and Exchange Board of India (SEBI) to take steps... it is their responsibility to secure deposits and investments of eight crore small investors," added Swami.

They also pointed to a recent comment by Union home minister Amit Shah, who advised people to invest or buy stocks before June 4, saying the stock market would see a sharp rise once the result is out with a clean sweep by the BJP.

"An insider in the government at the highest level has no standing to act as an accredited broker registered with SEBI to advise on the purchase and sale of stocks. Is this not an attempt to influence the political and electoral processes presently underway through economic/financial incentives and/or triggering the fear button for the investors?" reads the letter to President Murmu.

"The ECI (Election Commission of India) has a duty and responsibility to act in the matter..." the letter to the President added.