Former Life Insurance Corporation of India (LIC) chairperson Siddhartha Mohanty on Saturday rejected The Washington Post's report that the investment decisions of the state-owned insurance behemoth are influenced by 'external factors'.
The American newspaper had alleged that LIC's investment decisions, particularly concerning the Adani Group, are influenced by 'external factors' or were guided by a roadmap drafted by Indian officials.
Mohanty, however, said that a "misleading narrative" is being created by The Washington Post.
"From my experience as ex-Chairman and CEO & MD, I affirm that Govt never interferes directly or indirectly in any investment decision of LIC. Therefore, I call upon Washington Post to withdraw and remove the said unverified content from all digital and print platforms and desist from publishing any further unverified allegations against LIC," Mohanty, who served as LIC's chairperson from April 2023 to June 2025, wrote on X.
Some misleading narrative is created by Washington Post against LIC's investment in Adani Group under instructions of the Govt.
— Siddhartha Mohanty (@sidmohanty63) October 25, 2025
From my experience as ex-Chairman and CEO&MD I affirm that Govt never interferes directly or indirectly in any lnvestment decision of LIC. Therefore I…
The LIC had also denied false reports by The Washington Post, saying all investments are made with "integrity and due diligence".
It said the allegations levelled by the newspaper were "false, baseless, and far from truth".
"No such document or plan as alleged in the article has ever been prepared by LIC, which creates a road map for infusing funds by LIC into Adani group of companies," the company said in a statement on Saturday.
LIC denies false reports by The Washington Post, reaffirming all investments are made with integrity and due diligence.#LIC #HarPalAapkeSaath #washingtonpost pic.twitter.com/RQ0N2AvBA1
— LIC India Forever (@LICIndiaForever) October 25, 2025
It said that the investment decisions are taken independently as per board-approved policies after detailed due diligence.
"Department of Financial Services or any other body does not have any role in such decisions. LIC has ensured highest standards of due diligence and all its investment decisions have been undertaken in compliance with extant policies, provisions in the Acts and regulatory guidelines, in the best interest of all its stakeholders," it said.
The LIC said that these purported statements in the article "appear to have been made with the intentions to prejudice the well settled decision-making process of LIC and also to tarnish the reputation and image of LIC and the strong financial sector foundations in India".
The Washington Post had claimed that officials allegedly fast-tracked a proposal in May this year to direct approximately $3.9 billion in investments from the LIC to an Adani Group firm.
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