Congress Calls for Investigation into LIC’s Investments in Adani Group
NEW DELHI: The Congress party has urged the Public Accounts Committee (PAC) of Parliament to investigate the Life Insurance Corporation (LIC) following a report from the Washington Post. The article claims that the state-owned insurer invested significantly in Adani Group securities after they faced substantial losses in the market.
Congress spokesperson Jairam Ramesh expressed concern over what he described as a “disturbing revelation.” He accused the government of misusing the savings of LIC’s 30 crore policyholders to benefit the Adani Group.
Congress President Mallikarjun Kharge took to social media to criticize the government, stating that the true beneficiaries of Direct Benefit Transfers are not ordinary citizens, but rather the close friends of Prime Minister Modi. He questioned whether the average middle-class LIC policyholder was even aware that their money was being used to support Adani. “Isn’t this a breach of trust?” he asked, demanding clarification on LIC’s investments in Adani companies and the alleged plan to invest an additional ₹33,000 crore by May 2025.
Ramesh highlighted that internal documents reportedly indicate that Indian officials were involved in drafting a proposal for LIC to invest ₹33,000 crore in various Adani Group firms to instill confidence and attract more investors. He raised questions about the influence that led finance ministry and NITI officials to push for this action, calling the situation a “textbook case of mobile phone banking.”
