Congress seeks PAC probe into ‘LIC’s Adani Bailout’
Citing a media report, the party also asked “under whose pressure” the finance ministry officials and the Niti Aayog “decided that their duty was to rescue a private company that was facing a financial crunch due to allegations of serious criminal offences” and demanded that Parliament’s Public Accounts Committee (PAC) investigate the matter.
“Disturbing revelations have emerged in the media about how the Modani joint venture has systematically misappropriated the Life Insurance Corporation of India and the savings of its 30 crore policyholders,” Congress spokesperson Jairam Ramesh said in a statement. he said. “Internal documents reveal that Indian officials drafted and implemented a proposal to invest around ₹33,000 crore of LIC funds in various Adani Group companies in May 2025. The stated objectives were to signal confidence in the Adani Group and encourage participation from other investors.”
“The question arises: Under whose pressure did the finance ministry officials and the Niti Aayog decide that their job was to bail out a private company that was strapped for funding due to allegations of serious crimes? Isn’t this a textbook case of ‘mobile phone banking’?”
However, Congress leader Rahul Gandhi had not commented on the issue till the time of writing and instead issued a statement blaming the Center for what he (survey-dependent) called inadequate arrangement of trains to facilitate the people of Bihar to travel to their state to attend the Chhat festival.
Ramesh also claimed that “LIC incurred a staggering loss of ₹ 7,850 crore in just four hours of trading on September 21, 2024, following the indictment of Gautam Adani and seven of his associates in the United States.”
