The Congress on Tuesday flagged what it said was fresh evidence that the Life Insurance Corporation (LIC) had been "forced" to invest in an Adani company, contending that such findings strengthen the argument for a joint parliamentary committee probe.

“At the end of June 2021, LIC had a 1.32 per cent holding in Adani Enterprises, one of the listed companies of the Adani group. Within a space of 18 months, by the end of December 2022, LIC’s holding in Adani Enterprises had reached 4.23 per cent,” Congress communications chief Jairam Ramesh said.

“Serious questions began to be raised about the Adani group on January 24, 2023. Since then, new revelations about the group are emerging every day.”

Ramesh added: “Now it turns out that LIC’s holding in Adani Enterprises had further increased to 4.26 per cent by the end of March 2023. This increase took place at a time when the market value of Adani Enterprises’ stock had fallen by almost 60 per cent. LIC bought as many as 3.75 lakh shares in Adani Enterprises during the January-March 2023 quarter."

Ramesh said: “Very clearly, LIC is being forced to use its policyholders’ funds to bail out the Prime Minister’s favourite business group, which is under siege. This makes the constitution of a JPC all the more essential and urgent.”

Ram Madhav

The Congress also wondered why the Enforcement Directorate and the CBI had not summoned RSS leader Ram Madhav, who has been accused by former governorSatyapal Malik of pushing business files and offering bribes.

Malik, who had made the allegation first in 2021, added to it on Monday in an interview with a YouTube channel.

He said there had been talk about an offer of Rs 300 crore if two files — one about a hydel project and the other about a medical insurance scheme — were cleared.

“I rejected the projects. Ram Madhav met me personally, at 7am.... I had not even taken a bath, and he came and met me and advocated for this deal,” Malik was quoted as saying.

“He asked, ‘Has chief secretary’s letter gone?’ I checked and it had already gone. He was very upset. He said how will investments come this way? I said I will not do anything wrong.”

Malik was referring to a time when he was governor of Jammu and Kashmir.

Congress spokesperson Pawan Khera said: “The CBI had openly questioned the former governor at its headquarters then, but why hasn’t Ram Madhav, who is accused in these allegations, been called yet?

“(The) ED-CBI raids or interrogates Opposition leaders time and again, but why not BJP leaders? Why these double standards? (Prime Minister Narendra) Modi keeps (saying) that his government is acting against corruption. Extremely serious allegations had been levelled against Ram Madhav earlier as well; why hasn’t action been taken yet? Is this not his ‘Save the Corrupt Campaign’?”