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Congress flags LIC's 10.8% stake in SEBI-scanned Rajesh Exports June 4

On June 4, India's Congress party raised concerns about state-owned LIC's 10.8% stake in Rajesh Exports, which is currently under investigation by SEBI for a ₹15 lakh crore scam. General secretary Jairam Ramesh inquired whether LIC's acquisition was influenced by the "ruling ecosystem."

BRIC Team
BRIC Team
Jun 4, 2026 · 1 min read · 3 views
Congress flags LIC's 10.8% stake in SEBI-scanned Rajesh Exports June 4

Key Takeaways

  • •Jairam Ramesh, the Congress general secretary in-charge communications, asked if instructions from the "ruling ecosystem" drove LIC's acquisition of its 10.8% stake.
  • •He also highlighted that banks have "considerable exposure" to the company.

India's opposition Congress party on Thursday (June 4,2026) challenged how state-owned insurer Life Insurance Corporation of India (LIC) ended up with a big stake in Rajesh Exports. This gold refining and jewellery firm is now under the scanner by market regulator SEBI for an alleged "gigantic scam" involving ₹15 lakh crore in misstated revenues.

Jairam Ramesh, Congress general secretary in-charge communications, questioned if LIC's 10.8% stake was a result of pressure from the "ruling ecosystem". He pointed out banks have "considerable exposure" to the company too.

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