The Congress party has launched a strong attack against the Modi government, accusing it of misusing the savings of 30 crore Life Insurance Corporation (LIC) policyholders to benefit the Adani Group. On Saturday, the party demanded that Parliament’s Public Accounts Committee (PAC) investigate how LIC was allegedly compelled to make significant investments in the conglomerate.
Congress general secretary Jairam Ramesh stated that recent media revelations demonstrated how the joint venture between Modi and Adani led to the systematic misuse of LIC and the savings of millions of ordinary Indian citizens.
Ramesh claimed that internal documents emerged, suggesting that Indian officials drafted a proposal to invest approximately ₹33,000 crore of LIC funds in various Adani Group companies in May 2025. The objective was to instill confidence in the Adani Group and encourage other investors to step in.
He further questioned the roles of the Ministry of Finance and NITI Aayog, accusing these institutions of acting under external pressures to support a private conglomerate experiencing financial challenges.
“Is this not a textbook case of ‘mobile phone banking’—where decisions align with the interests of powerful corporate entities?” Ramesh posed.
In another alarming development, Ramesh noted that LIC suffered an astonishing ₹7,850 crore loss within hours of trading on September 21, 2024, following the indictment of Gautam Adani and seven associates in the United States.
He accused the government of providing undue protection to Adani, emphasizing that the Modi administration has refrained from serving the US Securities and Exchange Commission (SEC) summons to the group for nearly a year.
Moreover, Ramesh alleged that Adani engaged in a ₹2,000 crore bribery scheme to secure overpriced solar power contracts.
The Congress leader characterized the situation as a “Modani MegaScam,” extending beyond just the investments from LIC.
He asserted that the scam involves misuse of central agencies, including the Enforcement Directorate (ED), Central Bureau of Investigation (CBI), and Income Tax Department, to pressure private firms into divesting assets to Adani Group.
Ramesh pointed to incidents of rigged privatization of crucial infrastructure projects such as airports and ports, all favoring Adani.
He attached serious allegations regarding diplomatic interventions used to secure contracts abroad for the Adani Group and cited over-invoicing of coal imports via associates, which allegedly inflated electricity costs in Gujarat.
Prior to elections, the Congress alleged that power supply contracts were issued at inflated prices in key states like Madhya Pradesh, Rajasthan, and Maharashtra. Ramesh highlighted a land allocation scandal, where land was granted at ₹1 per acre for a power plant situated in poll-sensitive Bihar.
Given these weighty allegations, he maintained that a Joint Parliamentary Committee (JPC) probe is essential, an inquiry echoed by the Congress since launching their “Hum Adani Ke Hain Kaun” (HAHK) campaign three years ago.
“At the very least, the PAC must investigate how LIC was compelled to invest in the Adani Group,” emphasized Ramesh, clarifying that such inquiries fall well within Parliament’s mandate.
As of now, there has been no immediate response from the Adani Group or the Union government regarding these significant allegations.
