The Indian National Congress has leveled serious allegations against the central government, claiming that the life savings of approximately 30 crore LIC policyholders are being systematically misused to benefit the Adani Group.
Massive Financial Diversion Exposed
According to Congress leaders, the government has directed the Life Insurance Corporation of India to invest a staggering ₹30,000 crore from policyholders' funds into Adani Group companies. This represents what the opposition party calls a "calculated diversion" of public savings to support the business conglomerate.
Policyholders' Security Compromised
The Congress party emphasized that LIC policyholders, who come from humble backgrounds and include farmers, laborers, and middle-class families, have entrusted their life savings to the corporation with the expectation of security and stable returns. The alleged diversion of these funds into what they term as "risky investments" puts the financial future of millions of Indians in jeopardy.
Systematic Pattern of Favouritism
Congress representatives detailed what they described as a pattern of preferential treatment toward the Adani Group, suggesting that this isn't an isolated incident but part of a broader strategy to channel public sector resources toward the business house. They pointed to multiple instances where LIC investments were allegedly directed to Adani companies despite concerns about valuation and corporate governance.
Call for Transparency and Accountability
The opposition party has demanded immediate transparency regarding LIC's investment decisions and a thorough investigation into the alleged misuse of policyholders' funds. They've called for parliamentary scrutiny and regulatory oversight to ensure that public financial institutions aren't being used to benefit specific corporate entities.
Broader Implications for Financial Security
This controversy raises significant questions about the independence of India's public sector financial institutions and the protection of common citizens' savings. The allegations suggest that the very institutions created to safeguard public financial security might be compromising their fiduciary responsibilities for political or corporate interests.
The Congress party has vowed to continue raising this issue in parliament and through public campaigns until what they describe as "the systematic loot of public money" is thoroughly investigated and addressed.
