SBI, LIC Forced To Invest To Save Adani group, People’s Life Savings Put In Danger: Rahul Gandhi

Former Congress president Rahul Gandhi Wednesday alleged the State Bank of India(SBI) and the Life Insurance Corporation of India(LIC) were “forced” to make investments to save the Adani group, putting people’s life savings in danger.

He sought to know who ordered the SBI and LIC to invest in industrialist Gautam Adani’s group.

“LIC is losing about Rs 1,000 crore every day in its investments due to the fall in Adani Group’s shares. The country is asking — under whose pressure LIC-SBI invested public money in Adani,” he asked in a tweet in Hindi while sharing a video.

The Congress leader asked, “Will the Prime Minister reveal the truth about the loss suffered by the LIC from January 24, 2023, due to its investment in the Adani Group? What is the prime minister doing to address the concerns of retail investors investing in Adani Group.”

He claimed that the Adani group has long been facing allegations of money laundering, forgery, and the use of shell companies. “Who is behind these shell companies? Who ordered SBI and LIC to save the Adani group,” Gandhi asked.

“Why did LIC invest so much in the risky Adani Group? When the veil from these things will be lifted, it will be known how much loss has been done to the country,” he said.

“You kept your hard-earned money and savings for the future of your family and children. The question is, who is putting your money at risk,” the former Congress chief asked.

Alleging that the LIC and SBI were “forced” to invest to save the Adani group, Gandhi said, “Do you want to jeopardize the future of your children? My question is to you people, why is your money being used to save the Adani Group?” “Why hasn’t the private sector invested money in the Adani group? Is it not the duty of the prime minister to ensure that public money invested in LIC is safe?” he asked.

The charges come after US-based finance company Hindenburg Research made several allegations against Adani Group including fraudulent transactions and manipulation of share prices. Adani Group had termed these allegations as false and said that it has followed all the laws and provisions.

Sources PTI