LIC's Alleged Misuse: Congress Demands Investigation into Adani Investments

The Congress party has leveled serious allegations against the Modi government, claiming that Life Insurance Corporation's vast pool of policyholder savings was diverted to benefit the Adani Group. The party demands an investigation by Parliament's Public Accounts Committee.

Jairam Ramesh, Congress leader, cited media reports and internal documents that reveal a proposed investment of Rs 33,000 crores of LIC funds into various Adani enterprises in May 2025. Ramesh questioned the Ministry of Finance and NITI Aayog's involvement in allegedly bailing out a private company facing allegations of wrongdoing.

The controversy intensified as Congress highlighted a massive Rs 7,850 crore loss incurred by LIC within hours of trading, following international indictments against Adani and associates. The Modi government's favoritism towards Adani has been consistently challenged by Congress, further emphasizing the need for an impartial Joint Parliamentary Committee inquiry.