The Congress on Saturday launched a fresh attack on the Modi government, alleging that the savings of 30 crore Life Insurance Corporation (LIC) policyholders were “systematically misused” to benefit the Adani Group. The party demanded that Parliament’s Public Accounts Committee (PAC) conduct a thorough investigation into how LIC was allegedly “forced” to make large-scale investments in the conglomerate.
Congress general secretary (communications) Jairam Ramesh said fresh media revelations had exposed how the “Modani joint venture systematically misused LIC and the savings of millions of Indians.”
“Internal documents reveal that Indian officials drafted and pushed through a proposal to invest about ₹33,000 crore of LIC funds in various Adani Group companies in May 2025,” Ramesh claimed.
“The goal was to signal confidence in the Adani Group and encourage participation from other investors,” he added.
The Congress leader questioned the involvement of the Ministry of Finance and NITI Aayog, alleging that both institutions acted “under pressure” to bail out a private conglomerate facing financial scrutiny.
“Is this not a textbook case of ‘mobile phone banking’ — where decisions are dictated by powerful corporate interests?” Ramesh asked.
‘LIC Lost ₹7,850 Crore in a Single Day’
Ramesh said LIC suffered a staggering ₹7,850 crore loss in just four hours of trading on September 21, 2024, following the indictment of Gautam Adani and seven associates in the United States.
He accused the government of shielding Adani, alleging that the Modi administration had “refused for nearly a year to serve the US SEC summons” to the group.
According to Ramesh, Adani has been accused of orchestrating a ₹2,000 crore bribery scheme to secure high-priced solar power contracts.
Allegations of a ‘Modani MegaScam’
The Congress leader termed the issue a “Modani MegaScam”, alleging that it extended beyond LIC investments.
He claimed the scam included:
Misuse of central agencies such as the ED, CBI, and Income Tax Department to force private firms to sell assets to Adani Group.
Rigged privatisation of airports, ports, and other key infrastructure projects in Adani’s favour.
Use of diplomatic channels to secure contracts abroad for the group.
Over-invoicing of coal imports through associates Nasser Ali Shaban Ahli and Chang Chung-Ling, which allegedly raised electricity prices in Gujarat.
Pre-election power supply contracts at inflated prices in Madhya Pradesh, Rajasthan, and Maharashtra.
Allotment of land at ₹1 per acre for a power plant in poll-bound Bihar.
Ramesh said that these revelations demand a Joint Parliamentary Committee (JPC) probe, a demand the Congress has been raising since its “Hum Adani Ke Hain Kaun” (HAHK) campaign began three years ago.
“As a first step, at least the PAC must investigate how LIC was forced to invest in the Adani Group,” Ramesh said, adding that such an inquiry is well within Parliament’s powers.
There was no immediate response from the Adani Group or the Union government on the allegations.
