Allegations of ₹33,000 crore investment in Adani Group by LIC:Congress says, ‘Govt misused money of 30 crore LIC policyholders to aid and abet Gautam Adani’

Life Insurance Corporation of India (LIC) faces a major allegation of investing $3.9 billion, approximately ₹33,000 crore, in the Adani Group. Congress cited the US-based media reports saying that the Central Government made this investment in early 2025. The political party claims that customers’ hard-earned money was misused. Congress has demanded an investigation by the Public Accounts Committee (PAC) of Parliament. Meanwhile, TMC MP Mahua Moitra has posted The Washington Post report on social media, which states that when Gautam Adani was heavily in debt at the beginning of this year and faced bribery charges in America, the Central Government and LIC invested in the Adani Group. No response has come from the government or Adani Group on this yet. Jairam Ramesh said – This scam is very big, it involves many aspects… Controversies related to Gautam Adani… First controversy: Hindenburg Research alleged money laundering : This is from January 2023. Gautam Adani’s flagship company Adani Enterprises announced a Follow-on Public Offer of ₹20,000 crore. The offer was to open on January 27, 2023, but just before that on January 24, 2023, Hindenburg Research released a report which accused the Adani Group of everything from money laundering to share manipulation. By January 25, the market value of the group’s shares had decreased by about 12 billion dollars (approximately ₹1 lakh crore). However, Adani denied any wrongdoing. In this situation, Adani Group also cancelled its ₹20,000 crore Follow-on Public Offer. The Supreme Court formed a 6-member committee to investigate the case, and SEBI also investigated the matter. After the court’s decision, Adani Group Chairman Gautam Adani had said, “The court’s decision shows that truth has prevailed. Satyamev Jayate. I am grateful to those who stood by us. Our contribution to India’s growth story will continue. Jai Hind.” Second Controversy: Accusation of selling low-grade coal as high-grade
Earlier this year, Financial Times cited a report from the Organized Crime and Corruption Reporting Project claiming that in January 2014, the Adani Group purchased ‘low-grade’ coal from an Indonesian company at an alleged price of $28 (approximately ₹2,360) per ton. The report alleges that this shipment was sold to Tamil Nadu Generation and Distribution Company (TANGEDCO) as high-quality coal at an average price of $91.91 (approximately ₹7,750) per ton. Adani Group had previously faced allegations of manipulation in coal import bills… Adani is Asia’s Second Richest Person
Gautam Adani is Asia’s second richest person. According to Forbes, his net worth is ₹6.22 lakh crore. He ranks 27th on the list of world’s richest people. The Adani Group empire spans across coal trading, mining, logistics, power generation, cement industry and distribution.