The Congress party has launched a strong attack on the government, alleging large-scale misuse of Life Insurance Corporation of India (LIC) funds meant for over 30 crore policyholders to benefit the Adani Group. The party has demanded a Joint Parliamentary Committee (JPC) investigation into what it described as the “Modani MegaScam.”
In a detailed statement, Congress leader Jairam Ramesh claimed that internal documents reveal how officials from the Ministry of Finance and NITI Aayog prepared and fast-tracked a proposal in May 2025 to channel around ₹33,000 crore of LIC investments into Adani Group companies.
Congress Demands Probe Into LIC’s Alleged ₹33,000 Crore Investment in Adani Group
Ramesh alleged that this move was designed to “signal confidence in the Adani Group” and to “encourage other investors to follow suit.” Calling it a misuse of public funds, he asked, “Under whose influence did these officials decide to rescue a private conglomerate facing serious criminal allegations?”
He further accused the government of practicing what he termed “mobile phone banking” — using citizens’ savings to bail out private corporate interests.
Congress Calls It a ‘Modani MegaScam’
Reiterating its demand for accountability, the Congress party once again called for the formation of a JPC to thoroughly investigate the alleged misuse of LIC funds. “Only a JPC can uncover the full extent of this Modani MegaScam,” Ramesh stated.
The party also urged the Public Accounts Committee (PAC) of Parliament to investigate how LIC was allegedly compelled to invest in Adani-linked companies despite ongoing controversies.
Adani Group Denies Allegations, Cites Compliance With Laws
In response, the Adani Group categorically denied all allegations, asserting that all its operations comply fully with Indian laws and disclosure norms. The conglomerate maintained that its business transactions are transparent and independently audited.
However, the growing political tension and repeated demands for investigation underscore the wider public concerns about governance, corporate accountability, and the protection of policyholders’ interests in India’s financial sector.
Get Latest News Live on MTIMES along with Breaking News and Top Headlines, Political News and around The World.
You May Like
Trending Searches Today |
Odisha SSB Lecturers Protest for UGC Pay Parity and Service Recognition
Donald Trump’s 100% Tariffs on Indian Pharma Exports to US Spark Market Concerns
BSNL 4G Services at ₹1: Apply Now Free 30-Day Offer Diwali Bonanza Plan
Indian Army and BSF Personnel Celebrated Diwali Along Border Areas
Thamma Box Office: Ayushmann Khurrana’s Biggest Opener Set to Break Records
PM Modi Highlights Role of AI in Unlocking India’s Ancient Manuscripts
![You Can Book George Mathew Adams [Premium Paperback] Power of Posi...](https://m.media-amazon.com/images/I/41yvUnpJiaL.jpg)
 funds){kind=link}