LIC’s name came to the fore in the very first scam that took place after the country became independent. In history it is known as Mundra scam.
LIC’s name also came to the fore in the first scam of independent India.
Since the Hindenburg Report Adani Group Is in trouble, now making big investment in the group LIC Congress has also come under target. On Monday, Congress protested nationwide after LIC offices. Congress alleges that LIC Has made such a huge investment in Adani Group at the behest of the government.
It is not that for the first time there has been a controversy regarding LIC, the name of LIC also came up in the first scam after the independence of the country. At that time there was a Congress government and the Prime Minister of the country was Jawaharlal Nehru. The special thing is that this scam was disclosed by his son-in-law and grandfather of Rahul Gandhi, Firoz Gandhi. In history it is known as Mundra scam.
what was mundra scam
The Mundra scam took place in 1957. At that time there were about two and a half small and big companies in the country. In 1956, to guarantee insurance to the citizens of the country, the Parliament passed a bill and merged 245 companies to form LIC i.e. Life Insurance Corporation of India. At that time the government had invested five crore rupees in it. LIC used to invest as per its policy. In 1957, LIC bought the shares of Kolkata businessman Haridas Mundra’s company for Rs 1.25 crore. The special thing is that at that time the financial record of Mundra’s company was not good. In such a situation, questions arose about this deal, but they were sidelined.
Mundra’s conspiracy, Congress accused
Actually Mundra had got LIC invested so that its share prices could increase, LIC was aware of this, but no one objected to this deal. All the matter was set that’s why the hoax broke out. It is also alleged that Mundra has donated Rs 2.5 lakh to the Congress for this deal.
When father-in-law and son-in-law came face to face
After the scandal, Rahul Gandhi’s grandfather Feroze Gandhi raised his voice against his own father-in-law Jawaharlal Nehru. He questioned why the government did not protest when Mundra made investments from LIC to benefit his company. Then Finance Minister TT Krishnamachari gave the correct answer. Later he had to resign in this matter. At that time, the investigation of this matter was done by the retired judge of Bombay High Court, MC Chagla. However, the allegations of donation could not be proved in the investigation. The then Finance Minister had to resign in the case.
who was haridas mundra
Haridas Mundra was a businessman from Calcutta who belonged to a Marwari family. Earlier he used to sell only a bulb, later he started trading shares of companies from here and there and became a vicious player. By 1956, he had become a businessman and had stake in many companies.
Now this is the reason for the ruckus
The Adani Group has suffered losses in the trading sessions since the Hindenburg report came out. This raises questions on those investing in the group. In fact, out of all the insurance companies that have invested in the Adani group, 98% is from LIC alone. In this series, the Congress had called for protests outside LIC offices across the country on Monday.
Source: www.tv9hindi.com”