New Delhi: The Congress on Saturday alleged that the government drafted and pushed through a proposal to invest ₹33,000 crore of Life Insurance Corporation ( LIC) funds in various Adani Group companies in May 2025 in order "to signal confidence in the Adani Group" and to "encourage participation from other investors".
Citing a media report, the party also asked "under whose pressure" did the officials of the ministry of finance and Niti Aayog "decide that their job was to bail out a private company facing funding difficulties due to serious allegations of criminality" and demanded that the Public Accounts Committee (PAC) of Parliament probe the matter.
"Disturbing revelations have just emerged in the media about how the Modani joint venture systematically misused the Life Insurance Corporation of India and the savings of its 30 crore policyholders," Congress spokesperson Jairam Ramesh said in a statement. "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. The reported goals were to signal confidence in the Adani Group and to encourage participation from other investors."
"The question arises: under whose pressure did the officials of the ministry of finance and Niti Aayog decide that their job was to bail out a private company facing funding difficulties due to serious allegations of criminality? Is this not a textbook case of 'mobile phone banking'?"
However, Congress leader Rahul Gandhi had not commented on the matter till the time of writing and he, instead, issued a statement blaming the Centre for what he called the inadequate arrangement of trains for facilitating the travel of people of (poll-bound) Bihar to their home state for attending the Chhat festival.
Ramesh also claimed "the 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 of his associates in the United States".
Citing a media report, the party also asked "under whose pressure" did the officials of the ministry of finance and Niti Aayog "decide that their job was to bail out a private company facing funding difficulties due to serious allegations of criminality" and demanded that the Public Accounts Committee (PAC) of Parliament probe the matter.
"Disturbing revelations have just emerged in the media about how the Modani joint venture systematically misused the Life Insurance Corporation of India and the savings of its 30 crore policyholders," Congress spokesperson Jairam Ramesh said in a statement. "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. The reported goals were to signal confidence in the Adani Group and to encourage participation from other investors."
"The question arises: under whose pressure did the officials of the ministry of finance and Niti Aayog decide that their job was to bail out a private company facing funding difficulties due to serious allegations of criminality? Is this not a textbook case of 'mobile phone banking'?"
However, Congress leader Rahul Gandhi had not commented on the matter till the time of writing and he, instead, issued a statement blaming the Centre for what he called the inadequate arrangement of trains for facilitating the travel of people of (poll-bound) Bihar to their home state for attending the Chhat festival.
Ramesh also claimed "the 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 of his associates in the United States".
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