Congress demands parliamentary probe into LIC investments in Adani Group

NEW DELHI: Congress Saturday demanded that Parliament's Public Accounts Committee (PAC) probe the LIC after a Washington Post report claimed the state-run insurer made huge investments in Adani Group securities after they took a beating in the markets. Congress spokesperson Jairam Ramesh termed the report a "disturbing revelation" about the savings of LIC's 30 crore policyholders being "systematically misused" to benefit Adani Group. Congress president Mallikarjun Kharge took a swipe at the govt on X, saying in Hindi that "the real beneficiaries of Direct Benefit Transfer are not the common people of India but Modi ji's close friends." "Does the average salaried middle-class person who pays LIC premiums even know that Modi is using his savings to bail out Adani? Isn't this a breach of trust? Isn't it loot?" Kharge asked, demanding answers on the insurer's investments in Adani companies and the alleged plan to invest Rs 33,000 crore more in May 2025. Ramesh cited the report's claim that "internal documents reveal Indian officials drafted and pushed through a proposal to invest Rs 33,000 crore of LIC funds in various Adani Group companies to 'signal confidence' in the conglomerate and encourage other investors." He questioned "under whose pressure" finance ministry and NITI officials acted, calling it a "textbook case of mobile phone banking."