7 months ago
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The Congress connected Saturday (October 25, 2025) alleged that the savings of Life Insurance Corporation's (LIC) 30 crore policyholders were “systematically misused” to payment the Adani Group and demanded that Parliament's Public Accounts Committee analyse however LIC was “forced” to marque investments successful the conglomerate. There was nary contiguous effect from the Adani Group oregon the authorities connected the Congress' allegations.
Congress wide caput in-charge of communications Jairam Ramesh said disturbing revelations person conscionable emerged successful the media astir however the "Modani associated task systematically misused the LIC and the savings of its 30 crore policyholders."
"Internal documents uncover that Indian officials drafted and pushed done a connection to put astir ₹33,000 crore of LIC funds successful assorted Adani Group companies successful May 2025," helium said.
“The reported goals were to "signal assurance successful the Adani Group" and to "encourage information from different investors," helium said successful a statement.
"The question arises: nether whose unit did the officials of the Ministry of Finance and NITI Aayog determine that their occupation was to bail retired a backstage institution facing backing difficulties owed to superior allegations of criminality? Is this not a textbook lawsuit of 'mobile telephone banking'?" Mr. Ramesh said.
The Congress person said the costs of "throwing nationalist wealth astatine crony firms" became wide erstwhile LIC suffered "a staggering ₹7,850 crore loss" successful conscionable 4 hours of trading connected September 21, 2024, pursuing the indictment of Gautam Adani and 7 of his associates successful the United States.
"Adani has been accused of orchestrating a ₹2,000 crore bribery strategy to unafraid high-priced star powerfulness contracts successful India. The Modi authorities has refused, for astir a year, to service a U.S. SEC summons to the Prime Minister's astir favoured concern conglomerate," Mr. Ramesh said.
The Congress has been persistent successful its onslaught connected the authorities since the Adani Group stocks took a beating connected the bourses successful the aftermath of U.S.-based short-selling firm, Hindenburg Research, making a litany of allegations.
The Adani Group has dismissed each charges made by the Congress and others arsenic lies, saying it complies with each laws and disclosure requirements.
Mr. Ramesh further claimed, "The Modani MegaScam is precise wide-ranging. For instance, it encompasses: The misuse of agencies specified arsenic the ED, CBI, and Income Tax Department to unit different backstage companies to merchantability their assets to the Adani Group."
Mr. Ramesh besides alleged that determination was "rigged privatisation" of captious infrastructure assets specified arsenic airports and ports for the payment of the Adani Group alone. He pointed to alleged misuse of diplomatic resources to funnel contracts to the Adani Group successful assorted countries, particularly successful India's neighbourhood.
The Congress person said the scam besides encompasses the import of "over-invoiced ember by adjacent Adani associates Nasser Ali Shaban Ahli and Chang Chung-Ling" utilizing a money-laundering web of ammunition companies, which contributed to crisp increases successful the prices of energy drawn from Adani powerfulness stations successful Gujarat.
Mr. Ramesh besides pointed to pre-election energy proviso agreements astatine abnormally precocious prices successful Madhya Pradesh, Rajasthan, and Maharashtra and the caller alleged allocation of onshore astatine ₹1 per acre for a powerfulness works successful poll-bound Bihar.
"The entirety of this Modani MegaScam tin lone beryllium investigated by a Joint Parliamentary Committee of Parliament that the Indian National Congress has been demanding for astir 3 years — ever since we published our 100-question bid Hum Adani Ke Hain Kaun (HAHK).
"As a archetypal step, present astatine slightest Parliament's Public Accounts Committee (PAC) should afloat analyse however LIC was virtually forced to marque investments successful the Adani Group," Ramesh said. “That volition beryllium good wrong its powers,” helium added.
