LIC denies Washington Post allegations of external influence in investment decisions
Mumbai: The Life Insurance Corporation of India (LIC) has strongly refuted allegations made by The Washington Post suggesting that its investment decisions were influenced by external factors, particularly in relation to the Adani Group.
In an official statement issued on Saturday, LIC termed the claims “false, baseless, and far from the truth,” asserting that no such document or plan, as alleged in the article, has ever been prepared by the corporation to channel funds into Adani Group companies.
The statement clarified that all investment decisions are made independently by LIC, following Board-approved policies and after thorough due diligence. “The Department of Financial Services or any other body has no role in these decisions,” the insurer said, adding that all investments strictly comply with existing policies, statutory provisions, and regulatory guidelines.
LIC emphasised that it maintains the highest standards of transparency and accountability in the interest of all stakeholders. It further stated that the article’s purported claims appear to have been made with the intention of undermining LIC’s established decision-making process and tarnishing its reputation, as well as the credibility of India’s financial sector.
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Man booked for duping 7 persons of Rs 91 lakh on promise of awarding govt works
Mumbai (PTI): The Mumbai police have registered a case against a man for allegedly duping seven persons of Rs 91 lakhs on the promise of awarding them works of different government departments, an official said on Tuesday.
The accused was identified as Satish Kadam, a resident of Nanded in Marathwada region, an official said.
A complaint was filed by Hanumant Vadje, who alleged that the accused cheated him and six others of around Rs 91 lakh by promising to give them various works of Urban Development and Social Justice Department, he said.
The fraud occurred between 2024 and 2026, with Kadam collecting money in cash and into his accounts, police said, adding he had returned some amount to them partially.
Multiple cheques issued by the accused bounced, prompting the victim to lodge a complaint at the Marine Drive police station. Based on the complaint, a case of cheating and criminal breach of trust was registered against him.
The case is under further investigation, the official said.
