The Congress party has accused the Central government of misusing the savings of 30 crore Life Insurance Corporation (LIC) policyholders to benefit the Adani Group. This claim emerged on Saturday as Congress leaders demanded a detailed investigation by the Public Accounts Committee (PAC) into alleged forced investments made by LIC in the Adani conglomerate.
During a press conference, Congress general secretary Jairam Ramesh stated that recent media revelations indicate that the LIC’s considerable savings were systematically exploited for the interests of the Adani Group. Ramesh insisted this was a clear violation of public trust, emphasizing that the government must be held accountable.
Ramesh claimed that internal documents unveiled how Indian officials prepared a proposal to invest approximately ₹33,000 crore of LIC funds into various Adani Group companies. This proposal, drafted in May 2025, aimed to instill confidence in Adani and spurred further investment from other stakeholders.
Highlighting the institutional involvement, Ramesh criticized the Ministry of Finance and NITI Aayog, suggesting that both institutions acted under coercive pressure to support a corporate entity under financial scrutiny.
“Is this not a textbook case of mobile phone banking?” Ramesh asked, questioning the integrity of decision-making processes dictated by corporate interests. He asserted that these actions represent a significant breach of governance, highlighting the troubling intertwining of business and politics.
Ramesh also referenced a shocking statistic: LIC could have lost ₹7,850 crore in just four hours of trading on September 21, 2024, following the indictment of Gautam Adani and several associates in the United States. This staggering loss put a spotlight on the government’s alleged efforts to cover up troubling financial revelations surrounding the Adani Group.
Moreover, the Congress leader accused the current administration of failing to respond to the US SEC summons concerning the Adani Group, prompting further questions about accountability and oversight.
The allegations extend into what Ramesh termed a ‘Modani MegaScam’, suggesting that this situation involves far more than just LIC investments. Ramesh cited several other serious allegations, including:
- Misuse of central agencies like the ED, CBI, and Income Tax Department to compel private firms to divest their assets to the Adani Group.
- Manipulated privatization processes for airports and ports favouring the Adani Group.
- Leverage of diplomatic resources to secure contracts for Adani abroad.
- Over-invoicing of coal imports through associates, leading to increased electricity prices in states like Gujarat.
- Pre-election contracts for power supply at inflated prices in multiple states.
- Granting土地 at ₹1 per acre for a power plant in poll-bound Bihar.
Ramesh maintained that these allegations necessitate an inquiry by a Joint Parliamentary Committee (JPC), a call that the Congress has made consistently since the launch of their “Hum Adani Ke Hain Kaun” (HAHK) campaign three years ago.
“As the first step, it is essential that the PAC investigates the pressures that led LIC to invest in the Adani Group,” Ramesh stated, adding that such an inquiry falls fully within the jurisdiction of Parliament. He urged the government to provide clarity over these serious allegations without further delay.
As of now, neither the Adani Group nor the Union government has publicly responded to these serious claims. The Congress party has intensified its campaign against the Modi administration, leveraging these allegations as a focal point of their political strategy as elections loom.
