LIC rejects claims of Adani investment scandal
Life Insurance Corporation of India rejected Washington Post allegations on Saturday, calling claims about external influence over its investment choices false and unfounded. The state-owned insurer said no document exists directing funds to Adani Group companies, contradicting the newspaper’s report of a fast-tracked $3.9 billion proposal in May.
The corporation stated that its board approves all investment decisions after thorough review, with no interference from the Department of Financial Services or any outside entities. Officials said the article seeks to damage the insurer’s reputation and undermine confidence in India’s financial system through baseless accusations.
LIC reported consolidated net profit rose 3.91 percent to 10,957 crore rupees in the June quarter compared with the previous year. The company maintained that it follows regulatory guidelines and acts in the interests of stakeholders when deploying capital.
