A Washington Post investigation has alleged that the Narendra Modi government orchestrated a plan for state-run Life Insurance Corporation (LIC) to invest around USD 3.9 billion (INR 34,000 crore) in companies owned by industrialist Gautam Adani. The plan reportedly emerged earlier this year when AdaniтАЩs business empire, spanning ports, airports, and energy, was struggling with debt and corruption allegations that had deterred major foreign lenders. Documents cited by the report suggest that officials from the Department of Financial Services and LIC proposed the move to тАЬsignal confidenceтАЭ in the Adani Group and secure тАЬeconomic stability,тАЭ receiving approval from the Finance Ministry. Despite internal concerns about risks following the 2023 Hindenburg report, LIC financed a USD 585 million bond issue for Adani Ports in May. The Congress party has slammed the revelation as evidence of тАЬcrony capitalism,тАЭ accusing the Modi government of endangering citizensтАЩ life savings to rescue its тАЬparam mitraтАЭ (close friend). Party leaders claimed the investment was forced upon LIC despite previous losses in Adani shares, calling it a тАЬbetrayal of public trustтАЭ and тАЬmisuse of policyholdersтАЩ hard-earned money.тАЭ Adani Group has denied receiving any political favours.┬аLIC Says Exposure to Adani Group Less Than 1% of Its AUM, Read Full Statement Here.

Congress Slams Modi Government After Washington Post Report Claims LIC Was Forced to Invest in Adani Group

TruLY Score by LatestLY
Rating:5

TruLY Score 5 тАУ Trustworthy | On a Trust Scale of 0-5 this article has scored 5 on LatestLY. It is verified through official sources (Official X Account of Congress). The information is thoroughly cross-checked and confirmed. You can confidently share this article with your friends and family, knowing it is trustworthy and reliable.

(SocialLY brings you all the latest breaking news, fact checks and information from social media world, including Twitter (X), Instagram and Youtube. The above post contains publicly available embedded media, directly from the user's social media account and the views appearing in the social media post do not reflect the opinions of LatestLY.)