Sat Oct 25 06:37:39 UTC 2025: Here’s a summary of the text, followed by a news article based on it:
Summary:
The Indian National Congress is accusing the Adani Group of systematically misusing funds from the Life Insurance Corporation (LIC), impacting 30 crore policyholders. Congress General Secretary Jairam Ramesh alleges that government officials pressured LIC to invest ₹33,000 crore in Adani Group companies to signal confidence and encourage further investment. He claims this led to significant losses for LIC following accusations of bribery against Gautam Adani in the U.S. The Congress also alleges a broader “Modani MegaScam” involving misuse of government agencies, rigged privatization, and inflated energy costs, demanding investigations by both the Public Accounts Committee (PAC) and a Joint Parliamentary Committee (JPC). The Adani Group has consistently denied all allegations.
News Article:
Congress Alleges LIC Funds ‘Misused’ to Benefit Adani Group, Demands Investigation
New Delhi, October 25, 2025 – The Indian National Congress has launched a scathing attack on the Adani Group, accusing it of systematically misusing funds belonging to the Life Insurance Corporation (LIC), potentially jeopardizing the savings of its 30 crore policyholders.
Congress General Secretary Jairam Ramesh stated that newly emerged media revelations exposed a “Modani joint venture” that exploited LIC resources. He claimed that internal documents reveal that officials within the Ministry of Finance and NITI Aayog pressured LIC to invest approximately ₹33,000 crore in various Adani Group companies in May 2025, with the purported goal of boosting investor confidence.
“Under whose pressure did these officials decide that their job was to bail out a private company facing serious allegations of criminality?” questioned Ramesh. He pointed to LIC suffering a ₹7,850 crore loss in a single day of trading following Gautam Adani’s indictment in the United States over a alleged ₹2,000 crore bribery scheme to secure solar power contracts.
The Congress has been relentless in its criticism since U.S.-based short-selling firm Hindenburg Research made a series of damaging allegations against the Adani Group, which have subsequently caused turmoil in the stock market.
In addition to the LIC investment, Ramesh detailed what he called a “Modani MegaScam,” encompassing the misuse of agencies like the ED, CBI, and Income Tax Department to force asset sales to the Adani Group, rigged privatization of infrastructure, and inflated energy costs through over-invoiced coal imports. He accused the government of using diplomatic resources to funnel contracts to Adani companies.
The Adani Group has consistently refuted all allegations, maintaining that it adheres to all laws and disclosure requirements.
The Congress is demanding an investigation by both the Parliament’s Public Accounts Committee (PAC) and a Joint Parliamentary Committee (JPC), a demand the party has been making for almost three years. “As a first step, at least Parliament’s Public Accounts Committee (PAC) should fully investigate how LIC was literally forced to make investments in the Adani Group,” Ramesh stated.
The allegations are likely to ignite a political storm in India, adding fuel to the ongoing debate about corporate governance and the relationship between business and government.
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