The Congress party on Saturday accused the Modi government of misusing Life Insurance Corporation (LIC) funds to benefit the Adani Group, urging a parliamentary investigation into these claims. The party’s general secretary (communications) Jairam Ramesh stated that the savings of 30 crore LIC policyholders were systematically misused. Ramesh highlighted recent media reports suggesting that LIC invested approximately ₹33,000 crore in various Adani companies under duress.
Ramesh emphasized that the internal documents indicate the involvement of Indian officials who allegedly developed proposals to coerce LIC into making these investments in May 2025. He remarked, “The goal was to signal confidence in the Adani Group and encourage participation from other investors.”
In his strong denunciation, the Congress leader questioned the roles of both the Ministry of Finance and NITI Aayog, claiming they acted under pressure to rescue a conglomerate facing significant financial issues. Ramesh referred to the situation as a classic example of “mobile phone banking,” where major corporate interests dictate financial decisions.
LIC came under scrutiny after it reported a staggering loss of ₹7,850 crore in just four hours of trading on September 21, 2024. This sharp downturn in value coincided with international legal troubles for Gautam Adani and his associates. Ramesh alleged that the government had been protecting Adani by delaying responses to legal inquiries from the US Securities and Exchange Commission.
Ramesh accused Adani of orchestrating a ₹2,000 crore bribery scheme aimed at securing inflated solar power contracts, further compounding claims of corruption surrounding the conglomerate.
He described the unfolding scenario as a “Modani MegaScam,” claiming the mismanagement and misuse of LIC funds was just a part of a broader network of corruption, which included:
- Utilizing central agencies like the ED and CBI to manipulate asset sales in favor of the Adani Group.
- Rigging privatization processes of essential infrastructure, such as airports and ports.
- Using diplomatic channels to secure lucrative contracts abroad.
- Over-invoicing coal imports via associates that inflated electricity prices for consumers in Gujarat.
- Securing pre-election power supply contracts at elevated prices in states like Madhya Pradesh, Rajasthan, and Maharashtra.
- Allotting land at nominal prices for a power plant in Bihar during election periods.
Ramesh urged that these serious allegations warrant a full investigation by a Joint Parliamentary Committee (JPC), a demand the Congress has consistently made since initiating their “Hum Adani Ke Hain Kaun” (HAHK) campaign.
“As a first step, the PAC must investigate how LIC was pressured into investing in the Adani Group,” Ramesh stated firmly, asserting that such inquiries fall well within the parliamentary powers. The Congress party awaits a response from the Adani Group and the Union government regarding these allegations, which have yet to be addressed.