Congress demands a PAC probe into LIC after a US report alleged Rs 33,000 crore was invested in Adani Group companies, which LIC calls “false and baseless”.
New Delhi
The Congress on Saturday demanded that Parliament’s Public Accounts Committee (PAC) investigate the Life Insurance Corporation of India (LIC) following a Washington Post report claiming the insurer made massive investments in Adani Group securities after the conglomerate’s shares fell sharply.
Congress general secretary Jairam Ramesh alleged that the savings of LIC’s 30 crore policyholders were “systematically misused” to benefit the Adani Group. “Internal documents reveal that Indian officials drafted and pushed through a proposal to invest about Rs 33,000 crore of LIC funds in various Adani Group companies in May 2025,” Ramesh said. The purported aim was to “signal confidence in the Adani Group” and “encourage participation from other investors”.
Congress president Mallikarjun Kharge criticised the government over the alleged investments, asking whether Modi’s administration was “filling the pockets of his best friend” at the expense of policyholders. He added that LIC suffered “a staggering Rs 7,850 crore loss” in just four hours of trading on September 21, 2024, following the US indictment of Gautam Adani and seven associates.
The PAC probe, the party said, should examine if officials acted under undue pressure from the Ministry of Finance or NITI Aayog to support a private company facing funding difficulties.
LIC, however, denied the allegations, calling them “false, baseless, and far from the truth”. The public insurer stated that no such document or roadmap existed for investing in the Adani Group and that all decisions were made independently as per Board-approved policies and due diligence.
