Citing a media report, the Congress on Saturday alleged that the savings of Life Insurance Corporation of India (LIC) and its 30 crore policy holders were systematically misused to benefit the Adani Group.
Party general secretary Jairam Ramesh also said that the Public Accounts Committee (PAC) of Parliament should investigate it as the subject falls under its jurisdiction.
At present there has been no response from Adani Group or the government on Congress’s allegations.
“Some disturbing revelations have recently emerged in the media on how ‘Modani Joint Venture’ systematically misappropriated the savings of LIC and its 30 crore policy holders,” Ramesh posted on X.
“Internal documents show that Indian authorities prepared and put forward a proposal in May 2025 under which approximately Rs 34,000 crore of LIC’s funds were invested in various Adani Group companies,” he said.
He claimed that according to the report, the aim was to “signal confidence in the Adani Group” and “encourage participation of other investors”.
Ramesh says, “The question arises, under whose pressure the Finance Ministry and NITI Aayog officials decided that their job was to save a private company facing financial crisis due to serious criminal charges? And who gave them the authority to direct the publicly listed LIC to make investments? Is this not a case similar to “mobile phone banking”?”
He said, “When charges were framed against Gautam Adani and his seven associates in the United States on September 21, 2024, LIC suffered a huge loss of US $ 92 crore (Rs 7,850 crore) in just four hours of trading. This shows how heavy is the cost of squandering public money on favored corporate houses (crony companies).”
Ramesh claimed, “Adani is accused of hatching a bribery scheme worth Rs 2,000 crore ($250 million) to get expensive solar power contracts in India. The Modi government has been refusing to forward the US Securities and Exchange Commission’s summons to this close friend of the Prime Minister for almost a year.”
He said that the “Modani mega scam” is very wide and involves many aspects. ,
The Congress leader said, “Agencies like ED, CBI and Income Tax Department were misused to pressure other private companies to sell their assets to the Adani Group. Critical and infrastructure resources like airports and ports were biasedly privatized so that the benefits accrued only to the Adani Group.”
He claimed that by misusing diplomatic resources, Adani Group was awarded contracts in various countries, especially in India’s neighbourhood.
Ramesh alleged, “Adani’s close associates Nasir Ali Shaban Ahli and Chang Chung-Ling used the money-laundering network of shell companies to import coal by “over-invoicing” it, leading to a sharp increase in the prices of electricity received from Adani power stations in Gujarat.”
He said pre-poll power supply agreements at unusually high prices in Madhya Pradesh, Rajasthan and Maharashtra and the recent allotment of land at Re 1 per acre for a power plant in poll-bound Bihar.
The Congress general secretary stressed that this entire “mega scam” can only be investigated by the Joint Parliamentary Committee (JPC) of Parliament.
He says, “As a first step, the Public Accounts Committee (PAC) of Parliament should thoroughly investigate how LIC was forced to invest in the Adani Group. This investigation is entirely within its jurisdiction.”
