The Congress party on Saturday leveled serious allegations against the Modi government, claiming it misused the savings of 30 crore Life Insurance Corporation (LIC) policyholders to benefit the Adani Group. They demanded that the Parliament’s Public Accounts Committee (PAC) launch a comprehensive investigation into how LIC was under pressure to make substantial investments in the conglomerate.
Congress general secretary for communications, Jairam Ramesh, stated that new media revelations have highlighted the systematic misuse of LIC funds and savings of millions of Indians. Ramesh said, “Internal documents reveal that Indian officials drafted and pushed through a proposal to invest around ₹33,000 crore of LIC funds in various Adani Group companies in May 2025.” He elaborated that the purpose of this investment was to instill confidence in the Adani Group and attract other investors.
Ramesh expressed concerns over the involvement of the Ministry of Finance and NITI Aayog, accusing both entities of operating under pressure to salvage a private firm that was under financial scrutiny. He provocatively asked, “Is this not a textbook case of ‘mobile phone banking’ — where decisions are dictated by powerful corporate interests?”
Highlighting the financial repercussions, Ramesh stated that LIC faced an enormous loss of ₹7,850 crore within just four hours of trading on September 21, 2024. This significant loss followed the indictment of Gautam Adani and several associates in the United States.
Additionally, he accused the government of providing protection to Adani, alleging that the Modi administration has ignored a US SEC summons regarding the group for nearly a year. Ramesh referenced allegations of Adani orchestrating a ₹2,000 crore bribery scheme aimed at securing overpriced solar power contracts.
Ramesh characterized the accusations as part of a larger “Modani MegaScam,” implying that the scandal stretches beyond just LIC’s involvement. He delineated further allegations, including misuse of central agencies such as the Enforcement Directorate (ED), the Central Bureau of Investigation (CBI), and the Income Tax Department to pressure private firms into liquidating their assets to the Adani Group.
He cited abuses in the privatization processes, particularly in the awarding of airports, ports, and other critical projects favoring Adani’s interests. Furthermore, he pointed out concerns regarding over-invoicing of coal imports through associates Nasser Ali Shaban Ahli and Chang Chung-Ling, which allegedly inflated electricity prices in Gujarat.
Ramesh also raised issues of pre-election power supply contracts issued at inflated rates in Madhya Pradesh, Rajasthan, and Maharashtra. He pointed to dubious allocations of land priced at ₹1 per acre for a power plant in elections-bound Bihar.
In line with these serious claims, Ramesh emphasized that a Joint Parliamentary Committee (JPC) probe is essential, reiterating the Congress party’s demand since the inception of their campaign, “Hum Adani Ke Hain Kaun” (HAHK), three years ago. He argued, “As a first step, at minimum, the PAC must investigate how LIC was coerced into investing in the Adani Group.” He affirmed that such inquiries fall well within the remit of Parliament’s powers.
There has been no immediate response from either the Adani Group or the Union government regarding these allegations.
