Former LIC Chief Denies Government Influence on Adani Group Investments, Challenges Washington Post Claims

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Former Life Insurance Corporation of India (LIC) chairperson Siddhartha Mohanty has strongly refuted The Washington Post's allegations regarding the insurer's investment decisions. On Saturday, he categorically denied claims that external factors influenced LIC's investment choices, particularly those related to the Adani Group.

The American publication had alleged that LIC's investments in the Adani Group were influenced by external factors or followed a roadmap created by Indian officials. Mohanty dismissed these allegations, describing them as a "misleading narrative" fabricated by The Washington Post.

"Based on my tenure as ex-Chairman and CEO & MD, I can confirm that the Government never interferes directly or indirectly in any investment decision of LIC. I urge Washington Post to withdraw and remove this unverified content from all digital and print platforms and refrain from publishing further unverified allegations against LIC," stated Mohanty on social media platform X. He served as LIC's chairperson from April 2023 until June 2025.

LIC itself issued a formal denial of The Washington Post's reporting, emphasizing that all its investments are conducted with "integrity and due diligence." The insurance giant described the newspaper's allegations as "false, baseless, and far from truth."

"No document or plan as alleged in the article has ever been prepared by LIC that creates a road map for infusing funds into Adani group of companies," LIC declared in its official statement released on Saturday.

The insurance corporation clarified that its investment decisions are made independently according to board-approved policies after thorough due diligence processes. "The Department of Financial Services or any other body does not influence such decisions. LIC maintains the highest standards of due diligence, and all investment decisions comply with existing policies, legal provisions, and regulatory guidelines, prioritizing the interests of all stakeholders," the statement continued.

LIC further suggested that the statements in The Washington Post article "appear intended to undermine LIC's established decision-making process and tarnish the reputation and image of both LIC and India's robust financial sector foundations."

The Washington Post had claimed that officials allegedly expedited a proposal in May 2025 to direct approximately $3.9 billion in investments from LIC to an Adani Group company.