Life Insurance Corporation of India (LIC) on Saturday lashed out at The Washington Post and rejected its report that claimed that a proposal was drafted by Indian officials to channel USD 3.9 billion (Rs 32,000 crore) from the state-run insurance company to entities owned by billionaire industrialist Gautam Adani. The LIC of India termed the allegations levelled by the US media major as “false, baseless and far from truth”.
A Washington Post investigation by Pranshu Verma and Ravi Nair alleged that in May 2025, Indian finance officials expedited LIC’s $3.9 billion investment in Adani Group despite identified financial risks.
The LIC denied the allegations, saying no such proposal or document had ever been prepared by the insurer or the government.
The state-owned insurer asserted that its investment decisions are entirely independent and made strictly as per board-approved policies after detailed due diligence.
“The allegations levelled by the Washington Post the investment decisions of LIC are influenced by external factors are false, baseless, and far from truth. No such document or plan as alleged in the article has ever been prepared by LIC, which creates a roadmap for infusing funds by LIC into the Adani group of companies,” the LIC said in a statement.
The Indian life insurer further asserted that the investment decisions are taken by LIC independently as per board-approved policies after detailed due diligence, adding that the department or financial services or any other body does not have any role in such decisions.
“LIC has ensured the highest standards of due diligence and all its investment decisions have been undertaken in compliance with extant policies, provisions in the Acts and regulatory guidelines, in the best interest of all its stakeholders,” the statement added.