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 \u201csystematically misused\u201d to benefit the Adani Group. The party demanded that Parliament\u2019s Public Accounts Committee (PAC) conduct a thorough investigation into how LIC was allegedly \u201cforced\u201d to make large-scale investments in the conglomerate.<\/p>\n
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Congress general secretary (communications) Jairam Ramesh said fresh media revelations had exposed how the \u201cModani joint venture systematically misused LIC and the savings of millions of Indians.\u201d<\/p>\n
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\u201cInternal documents reveal that Indian officials drafted and pushed through a proposal to invest about \u20b933,000 crore of LIC funds in various Adani Group companies in May 2025,\u201d Ramesh claimed.<\/p>\n
\u201cThe goal was to signal confidence in the Adani Group and encourage participation from other investors,\u201d he added.<\/p>\n
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The Congress leader questioned the involvement of the Ministry of Finance and NITI Aayog, alleging that both institutions acted \u201cunder pressure\u201d to bail out a private conglomerate facing financial scrutiny.<\/p>\n
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\u201cIs this not a textbook case of \u2018mobile phone banking\u2019 \u2014 where decisions are dictated by powerful corporate interests?\u201d Ramesh asked.<\/p>\n
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\u2018LIC Lost \u20b97,850 Crore in a Single Day\u2019<\/p>\n
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Ramesh said LIC suffered a staggering \u20b97,850 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.<\/p>\n
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He accused the government of shielding Adani, alleging that the Modi administration had \u201crefused for nearly a year to serve the US SEC summons\u201d to the group.<\/p>\n
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According to Ramesh, Adani has been accused of orchestrating a \u20b92,000 crore bribery scheme to secure high-priced solar power contracts.<\/p>\n
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Allegations of a \u2018Modani MegaScam\u2019<\/p>\n
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The Congress leader termed the issue a \u201cModani MegaScam\u201d, alleging that it extended beyond LIC investments.<\/p>\n
He claimed the scam included:<\/p>\n
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Misuse of central agencies such as the ED, CBI, and Income Tax Department to force private firms to sell assets to Adani Group.<\/p>\n
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Rigged privatisation of airports, ports, and other key infrastructure projects in Adani\u2019s favour.<\/p>\n
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Use of diplomatic channels to secure contracts abroad for the group.<\/p>\n
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Over-invoicing of coal imports through associates Nasser Ali Shaban Ahli and Chang Chung-Ling, which allegedly raised electricity prices in Gujarat.<\/p>\n
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Pre-election power supply contracts at inflated prices in Madhya Pradesh, Rajasthan, and Maharashtra.<\/p>\n
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Allotment of land at \u20b91 per acre for a power plant in poll-bound Bihar.<\/p>\n
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Ramesh said that these revelations demand a Joint Parliamentary Committee (JPC) probe, a demand the Congress has been raising since its \u201cHum Adani Ke Hain Kaun\u201d (HAHK) campaign began three years ago.<\/p>\n
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\u201cAs a first step, at least the PAC must investigate how LIC was forced to invest in the Adani Group,\u201d Ramesh said, adding that such an inquiry is well within Parliament\u2019s powers.<\/p>\n
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There was no immediate response from the Adani Group or the Union government on the allegations.<\/p>\n","protected":false},"excerpt":{"rendered":"
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 \u201csystematically misused\u201d to benefit the Adani Group. The party demanded that Parliament\u2019s Public Accounts Committee (PAC) conduct a thorough investigation into how LIC was allegedly \u201cforced\u201d to make large-scale investments […]<\/p>\n","protected":false},"author":1,"featured_media":5147,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-5148","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-national"},"yoast_head":"\n