LIC says made investments in Adani firms ‘independently’; rubbishes Washington Post report

New Delhi: The Life Insurance Corporation of India (LIC) on Saturday rejected allegations that it invested heavily in Adani Group companies under external pressure, calling the claims “false, baseless, and far from the truth.”

LIC’s statement came after The Washington Post reported that Indian officials had “pushed through a proposal in May 2025 to invest about ₹33,000 crore of LIC funds in Adani Group securities, which had slumped following the Hindenburg Research report”.

The insurer said it takes investment decisions “independently” after due diligence and in line with board-approved policies. “No such document or plan as alleged in the article has ever been prepared by LIC,” it said, adding that neither the Department of Financial Services nor any external body plays a role in its investment choices.

Following the report, the Congress demanded a probe by Parliament’s Public Accounts Committee (PAC) into the alleged misuse of policyholders’ savings to benefit the Adani Group.

Congress general secretary Jairam Ramesh claimed “internal documents” revealed that officials had “pushed through” the ₹33,000 crore investment plan to “signal confidence” in the Adani Group. He termed it a “textbook case of mobile phone banking.”

Party president Mallikarjun Kharge alleged that the Modi government used LIC funds to “bail out” Adani, calling it a “breach of trust” against 30 crore policyholders. He asked why LIC and SBI invested in Adani’s FPO despite falling stock prices.

Ramesh also alleged wider irregularities in what he called the “Modani MegaScam” and urged the formation of a Joint Parliamentary Committee.