Congress MP and General Secretary Jairam Ramesh|Image Credit: SHIV KUMAR PUSHPAKAR
The Congress on Saturday raised severe concerns over reports of methodical abuse of Life Insurance Corporation of India(LIC) by the federal government to benefit the Adani Group and required an examination by the Public Accounts Committee (PAC).
Senior Congress leader Jairam Ramesh stated that troubling discoveries have actually simply emerged in the media about how the Modani joint endeavor methodically misused LIC and the cost savings of its 30 crore insurance policy holders.
Internal files expose that Indian authorities prepared and pressed through a proposition to invest about 33,000 crore of LIC funds in numerous Adani Group business in May 2025. The reported objectives were to “indicate self-confidence in the Adani Group” and to “motivate involvement from other financiers”, he included.
“The concern occurs: under whose pressure did the authorities of the Ministry of Finance and NITI Aayog choose that their task was to bail out a personal business dealing with financing troubles due to severe accusations of criminality? Is this not a book case of “cellphone banking”?,” Ramesh stated.
The Congress celebration declared that companies such as the ED, CBI and Income Tax Department were misused to require other personal business to offer their properties to the Adani Group.
“The totality of this Modani MegaScam can just be examined by a Joint Parliamentary Committee of Parliament that the INC has actually been requiring for practically 3 years– since we released our 100-question series Hum Adani Ke Hain Kaun (HAHK). As an initial step, now a minimum of Parliament’s PAC ought to completely examine how LIC was actually required to make financial investments in the Adani Group. That will be well within its powers,” Ramesh required.
The expenses of tossing public cash at crony companies ended up being clear when LIC suffered a shocking 7,850 crore loss in simply 4 hours of trading on 21 September 2024, following the indictment of Gautam Adani and 7 of his partners in the United States, the senior Congress leader declared.
“Adani has actually been implicated of managing a 2,000 crore bribery plan to protect costly solar energy agreements in India. The Modi federal government has actually declined, for almost a year, to serve a United States SEC summons to the Prime Minister’s the majority of favoured service corporation,” he included.
The celebration has actually declared that the alliance in between prime minister Narendra Modi and industrialist Gautam Adani consists of the “rigged” privatisation of important facilities properties such as airports and ports for the advantage of the Adani Group alone.
There is abuse of diplomatic resources to funnel agreements to the Adani Group in different nations, specifically in India’s area, the Congress declared.
“The import of over-invoiced coal by close Adani partners Nasser Ali Shaban Ahli and Chang Chung-Ling utilizing a money-laundering network of shell business, which added to sharp boosts in the rates of electrical power drawn from Adani power stations in Gujarat,” Ramesh stated.
Pre-election electrical energy supply arrangements at unusually high rates in Madhya Pradesh, Rajasthan and Maharashtra and the current allowance of land at 1 per acre for a power plant in poll-bound Bihar are examples, he included.
All India Trinamool Congress Member of Parliament Mahua Moitra stated on X, “Modi federal government keeps financing @gautam_adani & & the Indian individuals have to keep bailing him out. Read @washingtonpost expose on 30,000 crore LIC bailout for buddy crony billionaire.”
Released on October 25, 2025
