Aam Aadmi Party files complaint against LIC for allegedly investing in Adani shares

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Pune, 22nd February 2023: The Aam Aadmi Party has accused LIC managers of investing ₹41,475 of public funds in Adani Group shares without proper due diligence. The investment was made through block deals in a bid to financially support the group. The Adani Group’s stock prices then fell, causing LIC to lose over 50% of its investment. Vijay Kumbhar, the Aam Aadmi Party State Organizer and Pune City Working President, has alleged that the investment is a scam, putting 29 crore general policyholders’ investments at risk.

The party is calling for an investigation into the matter and has filed a complaint with the ED and CBI, suspecting the involvement of the LIC Chairman and Investment Committee members. Today, Aam Aadmi Party workers staged a protest outside the LIC headquarters in Pune, demanding action against those responsible for the investment.

The allegations are serious and could harm LIC’s reputation as a trusted financial institution. The authorities need to investigate the matter thoroughly to determine if any wrongdoing has taken place and hold those responsible accountable.

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