NEW DELHI: The Congress on Saturday sought Parliament’s Public Accounts Committee to investigate the Life Insurance Corporation (LIC) following a foreign daily report that the public sector company made huge investments in Adani Group’s securities after they took a beating in the markets. However, the LIC denied the allegations as “false, baseless, and far from the truth”.
Congress general secretary in-charge of communications Jairam Ramesh alleged the savings of LIC’s 30 crore policyholders were “systematically misused” to benefit the corporate house.
The opposition party’s attack came after the Washington Post, citing internal documents, reported that Indian officials drafted and pushed through a proposal to invest about Rs 33,000 crore of LIC funds in various Adani Group companies in May 2025.
Markets regulator SEBI cleared Adani Group of stock manipulation allegations made by US short-seller Hindenburg Research, saying fund transfer between group companies did not fall foul of any regulation.
In a statement posted on X, the LIC said the allegations levelled by the Washington Post that its investment decisions were influenced by external factors are “false, baseless, and far from truth”.
“No such document or plan as alleged in the article has ever been prepared by LIC, which creates a roadmap for infusing funds by LIC into Adani group of companies. The investment decisions are taken by LIC independently as per Board approved policies after detailed due diligence,” the LIC said.
The Department of Financial Services or any other body does not have any role in such decisions, it said. LIC has ensured the highest standards of due diligence and all its investment decisions have been undertaken in compliance with extant policies, provisions in the Acts and regulatory guidelines, in the best interest of all its stakeholders, it added.
