Congress Demands Probe into LIC's Investment in Adani Group

The Congress party has called for an investigation into Life Insurance Corporation of India (LIC) by Parliament's Public Accounts Committee. This follows a report alleging improper investments in Adani Group by LIC. In response, LIC has denied these claims, asserting its investment decisions are independent and compliant.

The Congress party on Saturday demanded a probe into the Life Insurance Corporation of India's (LIC) investments in the Adani Group. This demand follows a Washington Post report alleging significant investments in Adani securities, even after a market downturn.

The Congress claims LIC policyholders' savings were misused to benefit the Adani Group. Congress general secretary Jairam Ramesh asserted that internal documents revealed a planned investment of Rs 33,000 crores in Adani companies by May 2025. LIC, however, has denounced these allegations as unfounded.

Meanwhile, the Adani Group has consistently rejected such accusations, and the Securities and Exchange Board of India (SEBI) cleared the group of stock manipulation allegations. As the political pressure mounts, the call for a parliamentary investigation grows stronger.

(With inputs from agencies.)