LIC denies receiving or issuing documents cited in Washington Post report alleging external influence on investment decisions

Life Insurance Corporation of India (LIC) on Tuesday reiterated that the public sector insurer has neither issued nor received any document mentioned in the Washington Post report, which alleges that its decisions to invest in AdGroup were influenced by external factors.

Refuting the allegations levelled by The Washington Post, the insurer said, "LIC categorically clarifies that the documents mentioned have not been issued by LIC, nor have any such documents been received by LIC."




"Furthermore, LIC has not received any instructions from the Government regarding investments in any entity under this group," the post added.

It is the second denial by LIC, as the public sector insurer had already rejected the allegations on Saturday, describing them as "far from the truth."

The Washington Post had claimed that Indian officials had drafted a proposal to channel approximately USD 3.9 billion (Rs 32,000 crore) from LIC into companies owned by the Adani Group. Citing the internal documents, the article further added that the LIC's decision to invest in Adani Group was coordinated by officials from the Department of Financial Services (DFS), the Ministry of Finance (MoF), LIC, and the government think tank NITI Aayog.

In its previous X post on Saturday, LIC termed the allegations levelled in the Washington Post article as false, baseless, and "far from the 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," LIC said in its rebuttal.


LIC categorically asserted that its investment decisions are taken by LIC independently, as per Board-approved policies, after detailed due diligence.

"Department of Financial Services or any other body does not have any role in such decisions," LIC continued.

LIC added that it has ensured the highest standards of due diligence in the best interest of all its stakeholders.

"LIC has ensured the highest standards of due diligence and all its investment decisions have been undertaken in compliance with extant polices, provisions in the Acts and regulatory guidelines, in the best interest of all its stakeholders," the statement said.

LIC said that the reportage of the Washington Post was made to tarnish the insurance major's reputation.

Life Insurance Corporation, popularly known as LIC, is the Indian state-owned insurance group and investment company.