"False and baseless": LIC disputes the Washington Post article, claiming that due diligence was done before making any investment decisions.

On October 25, 2025, the Life Insurance Corporation of India (LIC) refuted the Washington Post report's allegations. According to the massive state-owned insurance company, due diligence is done before making any investment decisions. What we know is as follows:

The massive state-owned life insurance company Life Insurance Corporation of India (LIC) refuted the Washington Post's accusations on Saturday, stating that they were untrue, unfounded, and far from the facts.

"The Washington Post's claims that LIC's investment choices are impacted by outside forces are untrue, unfounded, and far from accurate," LIC declared in a statement.

Following a report by the Washington Post on Friday, October 24, 2025, LIC stated on Saturday that there was "no document or plan" that purportedly outlines a roadmap for the state-owned insurance company to infuse funds into the Adani Group.

In its investigation, the US-based tabloid claimed that outside considerations have an impact on LIC's investment selections. Additionally, according to the newspaper, $3.9 billion was transferred through the insurance behemoth to Adani Group entities.

LIC, however, denied the allegations, stating that "LIC has never prepared any such document or plan as alleged in the article, which creates a roadmap for infusing funds by LIC into the Adani group of companies."

Additionally, LIC told the public that the board of directors makes all investment decisions in the company based on approved policies following thorough due diligence.

They declared, "The Department of Financial Services or any other body has no role in such decisions."

"The move aims to tarnish the reputation' and image of the company in the Indian market," the insurance giant said, adding that the foreign newspaper's accusations were reportedly made with "intentions to prejudice the well-settled decision-making process" of the company.

In the best interests of all its stakeholders, LIC stated, "LIC has ensured the highest standards of due diligence and all its investment decisions have been undertaken in compliance with existing policies, provisions in the Acts, and regulatory guidelines."

What was said by the Washington Post?

In a report released on Friday, October 24, 2025, the Washington Post, a US-based newspaper, said that the Indian government had created its own aid package to address the mounting debts owed by the Adani Group of firms.

Both the Adani Group and the state-owned insurer, however, have denied any role in the government scheme that purportedly used LIC to channel the money.