According to an in-depth investigation by Washington Post, LIC pumped in $3.9 billion, that is around Rs 33,930 crore (at USD=87 INR), into Adani Group companies when no bank in the world was willing to step in in helping Adani retire old debt with new debt. This should come as no surprise given that this was already flagged by many people in India when LIC emerged as the single lender to Adani's Bond Issue some time back.When you have friends in high places, it helps. Think Hindenburg, think SEBI, think roundtripping money through shell companies, think the US DoJ summons... Adani has sailed through all controversies or allegations of wrongdoing. LIC's past chairman has expectedly denied these claims and so has Adani group. It would be interesting to see whether Gautam Adani now sues Washington Post for false accusations.
