Congress Slams LIC's Controversial Investments in Adani Group
The Congress accuses the Life Insurance Corporation (LIC) of making forced investments in Adani Group stocks despite allegations of misconduct and financial irregularities against the conglomerate. Congress demands an investigation by Parliament's Public Accounts Committee, citing misuse of public funds and connections with the Modi government.
- Country:
- India
The Congress party leveled allegations against the Life Insurance Corporation (LIC) for making significant investments in the Adani Group, which it claims were compelled and driven by political motives.
The investments occurred despite the Adani Group facing allegations of unethical conduct, financial irregularities, and stock manipulation by Hindenburg Research. Markets regulator SEBI and the Supreme Court intervened and eventually cleared the group, but the Congress remains skeptical and demands further scrutiny.
Accusations surfaced regarding the misuse of LIC policyholders' savings, as internal documents revealed a proposal for a significant investment in Adani companies. These revelations have led to calls for a thorough investigation by a Joint Parliamentary Committee to address the alleged 'Modani MegaScam.'
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