New Delhi, Oct 25 (UNI) The Congress today launched a sharp attack on the government, accusing it of orchestrating the misuse of Life Insurance Corporation of India (LIC) funds, belonging to over 30 crore policyholders, to benefit the Adani Group.
The party called for a thorough investigation to uncover the truth behind these alleged transactions.
In a pointed statement, Congress leader Jairam Ramesh said: “Disturbing revelations have surfaced in the media about how the Modi government’s alliance with the Adani Group systematically exploited LIC and the hard-earned savings of its policyholders.”
Ramesh cited internal documents suggesting that officials from the Ministry of Finance and NITI Aayog drafted and expedited a proposal in May 2025 to channel approximately Rs 33,000 crore of LIC funds into various Adani companies.
He alleged that the purpose behind this move was to “signal confidence in the Adani Group” and “encourage other investors to participate.”
Questioning the rationale behind such decisions, Ramesh asked, “Under whose influence did these officials decide to rescue a private conglomerate grappling with serious criminal allegations? Is this not a classic example of ‘mobile phone banking’—using public funds to bail out private interests?”
Calling for accountability, the Congress demanded the formation of a Joint Parliamentary Committee to probe the scandal, a call the party has been making for nearly three years.
“Only a JPC can unravel the full extent of this Modani MegaScam,” Ramesh asserted.
He also urged the Public Accounts Committee of Parliament to immediately investigate how LIC was compelled to invest in the Adani Group. In response, the Adani Group categorically denied all allegations, asserting compliance with all legal norms and disclosure standards. Yet, the mounting political pressure and calls for transparency underscore the serious concerns about the group’s influence and its impact on India’s financial ecosystem. As the controversy unfolds, the demand for a comprehensive parliamentary inquiry reflects wider apprehensions about governance, corporate accountability, and the safeguarding of public resources in India’s rapidly evolving economy.
