He also hit out at the prime minister for "not offering any relief" to the people suffering due to demonetisation.
In a series of tweets, Kejriwal said, "Modiji sounds so hollow now. People have stopped believing anything that he says. He has become a subject of ridicule internationally.
"Modiji has cheated the entire nation. Neither a single penny of black money has been recovered nor has corruption come down. He has lost all credibility.
Senior AAP leader Ashutosh also accused the prime minister of trying to "bribe" the people hit by the currency ban "by offering them sops" and termed his address as an "election speech".
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Taking a dig at the prime minister's address, Delhi
minister Kapil Mishra said Modi sounded like "a doctor who has not understood his patient's ailment".
Swaraj India chief Yogendra Yadav said the speech had no reference to the number of new currency notes printed or steps taken to curb black money.
"What happened to black money? How much black money (was) recovered? What are the future plans against black money? What about black money in politics?," Yadav tweeted.