New Delhi, Sep 30: Congress president Rahul Gandhi on Sunday fired a fresh salvo at Prime Minister Narendra Modi and said the central government was using public money to bail-out the debt-ridden IL&FS group. Rahul Gandhi said the Modi government was allowing LIC to wrongfully use people’s hard-earned money to help IL&FS, which for PM Modi means ‘I Love Financial Scams’.

In a tweet, Gandhi alleged that PM Modi is bailing out the IL&FS group which has a long-term debt liability of around Rs 91,000 crore via public savings in LIC and the State Bank of India (SBI). His allegation came days after the LIC agreed to provide a capital loan to the cash-strapped Infrastructure Leasing and Financial Services (IL&FS). Narendra Modi Flays Rahul Gandhi For 'Made in China' Dig Over Sardar Vallabhbhai Patel Statue.

The tweet in Hindi titled "Lights, Camera, Scam", alleges that in 2007 when Modi was the Gujarat Chief Minister, IL&FS was given the 'GIFT CITY' project worth Rs 70,000 crore. Till date, no work has been achieved under the plan. In another tweet, Gandhi asked if PM Modi is trying to save his 'favourite' company because to him ILFS means ‘I Love Financial Scams’.

"Your favourite private company is sinking. Why do you want to save it using LIC money? LIC is a symbol of the country's trust, and people had invested their hard-earned money in it. Why are you playing with people's money? Does ILFS means ‘I Love Financial Scams’ for you?" asked the Congress president.

Recently, the Congress has raised the issue and warned of "an impending 'Lehman Brothers-type' economic crisis facing the country". The IL&FS crisis has also dented equity investors confidence in the entire NBFC space. Besides, the party has called for a forensic audit of the group over the disbursement of Rs 42,000 crore in the last four years.

Congress spokesman Manish Tiwari also tweeted on Sunday: "This is why IL&FS financials need to be forensically audited as management, principal shareholders and NDA/BJP government are unwilling to address the 42,000 crore question Peruse second Graphic minutely. Rs 42,000 crore was disbursed in past four years. Nobody knows where the money disappeared." (With IANS inputs)

(The above story first appeared on LatestLY on Sep 30, 2018 06:31 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).