Congress alleges systematic misuse of LIC funds to benefit Adani group

The Congress party Saturday leveled serious allegations against the government, claiming that the Life Insurance Corporation of India’s (LIC) funds and the savings of its 30 crore policyholders were systematically misused to benefit the Adani Group

In a statement, Congress leader Jairam Ramesh said, “Disturbing revelations have just emerged in the media about how the Modani joint venture systematically misused the LIC and the savings of its 30 crore policyholders.”

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Ramesh pointed to internal documents that revealed Indian officials drafted and pushed through a proposal to invest about Rs 33,000 crores of LIC funds in various Adani Group companies in May 2025. The reported goals, he said, were to “signal confidence in the Adani Group” and to “encourage participation from other investors.”

Questioning the decision-making process behind these investments,Ramesh asked, “Under whose pressure did the officials of the Ministry of Finance and NITI Aayog decide that their job was to bail out a private company facing funding difficulties due to serious allegations of criminality? Is this not a textbook case of ‘mobile phone banking’?”

The Congress party has demanded a Joint Parliamentary Committee (JPC) investigation into the matter, citing the need for transparency and accountability. Ramesh stated, “The entirety of this Modani MegaScam can only be investigated by a Joint Parliamentary Committee of Parliament that the INC has been demanding for almost three years.” As a first step, the party has urged Parliament’s Public Accounts Committee (PAC) to fully investigate how LIC was forced to make investments in the Adani Group.

The Adani Group has denied all allegations, stating that it complies with all laws and disclosure requirements. However, the Congress party’s demand for a JPC probe highlights the need for a thorough investigation into the Adani Group’s dealings and its implications for the country’s economy.