A new scandal of corruption and financial misconduct has emerged in India, suggesting that the Modi government and the Adani Group have collaborated to use public institutions for private gain.
According to a Washington Post investigation, the Indian Ministry of Finance and Niti Aayog allegedly pushed LIC to invest nearly $3.9 billion of public funds into Adani companies. This money was primarily used for bonds and equity investments in Adani Ports and Adani Green Energy, providing financial support to the Adani Group despite hesitation from international banks.
The Wire reported that this scheme is not just about fund transfers but a clear example of how a corrupt corporate-state network uses public funds and government institutions for private interests. Critics argue that this move puts LIC’s millions of policyholders—especially those from rural and poor backgrounds—at risk.
Furthermore, the Indian media is heavily controlled by the government, keeping such corruption largely out of public view. According to The Wire, during Modi’s tenure, government institutions, national assets, and land have routinely been handed over to large private groups.
The wealth of Ambani and Adani has multiplied several times since 2014, while India’s hunger index has worsened from 55 to 102. The gap between rich and poor has reached historic levels, with the top 10% controlling 80% of the country’s wealth.
This scandal serves as a stark reminder of how public funds, laws, and institutional independence are at risk when political power is allied with wealthy industrialists.
