Congress Alleges LIC Policyholders’ ₹30 Crore Savings ‘Systematically Misused’ to Aid Adani
Party claims ₹30 crore policyholders’ savings were systematically directed to Adani Group amid alleged government pressure and calls for Parliamentary investigation.
New Delhi, Oct 25: The Congress on Saturday alleged that the savings of Life Insurance Corporation’s (LIC) 30 crore policyholders were “systematically misused” to benefit the Adani Group. The party demanded that Parliament’s Public Accounts Committee (PAC) investigate how LIC was allegedly “forced” to invest in the conglomerate.
Congress general secretary Jairam Ramesh said media reports reveal that Indian officials drafted a proposal in May 2025 to invest around ₹33,000 crore of LIC funds in various Adani Group companies. The move, he claimed, aimed to “signal confidence in the Adani Group” and “encourage participation from other investors.”
Ramesh raised questions about the role of the Ministry of Finance and NITI Aayog in the decision, calling it a “textbook case of mobile phone banking.” He noted that LIC suffered a ₹7,850 crore loss in just four hours of trading on September 21, 2024, following US indictments of Gautam Adani and associates.
The Congress leader also referred to alleged broader misconduct, including the misuse of agencies like the ED, CBI, and Income Tax Department to pressure private firms to sell assets to the Adani Group, rigged privatization of key infrastructure, and high priced pre election electricity agreements in several states.
Ramesh stressed that the entire “Modani MegaScam” requires investigation by a Joint Parliamentary Committee (JPC), a demand the party has pursued for nearly three years. As a first step, he urged PAC to examine how LIC was allegedly coerced into making investments in the Adani Group.
No immediate response was available from the Adani Group or the government regarding the Congress allegations.
