Congress demands PAC probe into LIC, insurance major rubbishes charges

THE Congress on Saturday sought Parliament’s Public Accounts Committee to investigate the Life Insurance Corporation (LIC) following a foreign daily report that the public sector company made huge investments in Adani Group’s securities after they took a beating in the markets. However, the LIC denied the allegations as “false, baseless, and far from the truth”.

- EXPRESS NEWS SERVICE @New Delhi

Congress general secretary in-charge of communications Jairam Ramesh alleged the savings of LIC’s 30 crore policyholders were “systematically misused” to benefit the corporate house.

The opposition party’s attack came after the Washington Post, citing internal documents, reported that Indian officials drafted and pushed through a proposal to invest about %33,000 crore of LIC funds in various Adani Group companies in May 2025.