The Congress party launched a scathing attack on the Modi government on Saturday, alleging that the savings of over 30 crore Life Insurance Corporation (LIC) policyholders have been systematically misused to benefit the Adani Group. The party’s general secretary for communications, Jairam Ramesh, stated that they demand a probe by Parliament’s Public Accounts Committee (PAC) into the alleged coercion of LIC to invest heavily in the conglomerate.
Ramesh claimed that media reports unveiled internal documents suggesting that Indian officials forwarded a proposal in May 2025 to invest approximately ₹33,000 crore of LIC funds into various companies associated with the Adani Group. He stated, “The goal was to instill confidence in the Adani Group and encourage further investments from others.” This assertion raises critical questions about the transparency and motives behind such significant investments involving taxpayer funds.
Furthermore, Ramesh targeted the Ministry of Finance and NITI Aayog, alleging that these institutions acted under pressure to rescue a private corporation facing accusations of financial misconduct. He questioned, “Is this not a textbook case of ‘mobile phone banking’ where decision-making is heavily influenced by dominant corporate interests?”
Adding to the gravity of the accusations, Ramesh highlighted a striking financial loss incurred by LIC, reporting ₹7,850 crore lost within just hours of trading on September 21, 2024. This loss followed allegations against Adani and several associates by U.S. authorities, intensifying scrutiny over their financial dealings. Ramesh also accused the Modi government of delaying compliance with U.S. Securities and Exchange Commission (SEC) summons concerning Adani.
The Congress leader not only linked the alleged misuse of funds to Adani’s enterprises but also raised concerns about broader malpractice. He referred to ongoing allegations that Adani orchestrated a ₹2,000 crore bribery scheme to obtain excessive solar power contracts, entrenching suspicions about the conglomerate’s operations.
Ramesh branded the unfolding scenario as a “Modani MegaScam,” an endorsement of Congress’s longstanding criticism of the perceived nexus between the government and corporate powerhouses. He posited that the allegations extend beyond just LIC, implicating the misuse of central agencies such as the Enforcement Directorate (ED), Central Bureau of Investigation (CBI), and the Income Tax Department to coerce private companies into divesting assets to Adani.
Additionally, Ramesh claimed that the alleged collusion resulted in skewed privatization processes favoring Adani in crucial infrastructure projects including airports and ports. He alleged that diplomatic channels were exploited to secure international contracts, benefitting the Adani Group at the expense of competition.
In Gujarat, Ramesh raised concerns over the alleged over-invoicing of coal imports through affiliates, attributing it to an increase in electricity prices affecting consumers. He also mentioned contentious power supply contracts awarded pre-elections in Madhya Pradesh, Rajasthan, and Maharashtra at inflated costs. Notably, he brought attention to the suspicious allocation of land in Bihar at merely ₹1 per acre for a power plant project.
These revelations, he asserted, necessitate a Joint Parliamentary Committee (JPC) investigation, a demand Congress has continuously echoed since launching its “Hum Adani Ke Hain Kaun” (HAHK) initiative three years ago. He emphasized, “As a preliminary move, the PAC must scrutinize how LIC was pressured into investing in the Adani Group.” Ramesh expressed confidence that such inquiries align precisely with the investigative powers vested in Parliament.
As of now, neither the Adani Group nor the Union government has released a statement addressing these serious allegations, leaving the political arena set for an intense confrontation in the coming days.
