The fact that Future Gaming and Hotel Services, a little-known lottery operator, is the topping has drawn criticism. This Coimbatore-based company, whose director is lottery tycoon Santiago Martin, bought Rs 1,368 crore worth of electoral bonds, as per information provided by the Election Commission of India (ECI) and shared by the State Bank of India (SBI) with the latter.
Megha Engineering and Infrastructures Ltd, a Hyderabad-based company working in the Zoji La tunnel project in Kashmir, was the second-largest donor, having purchased bonds totalling Rs 966 crore.
Source: ADR
The Enforcement Directorate (ED), the CBI, and the Income Tax Department were investigating about half of the top 30 companies that donated to political parties; for example, the ED looked into Future Gaming in 2022.
This data casts doubt on the electoral bond scheme. The revelation has led the Opposition to restate its claims that donors and beneficiaries are engaging in a quid pro quo. With contributions through electoral bonds totalling Rs 6,566 crore, or almost 55% of the total, the BJP has gotten the largest share, followed by the Congress and the Trinamool Congress, at roughly 9% apiece.
Source: NDTV Profit
The alleged link between the investigative agency raids and companies buying electoral bonds is based on “huge assumptions,” according to Finance Minister Nirmala Sitharaman. Nonetheless, the government cannot avoid its obligation to guarantee that all information regarding the bonds is disclosed to the public.
The Supreme Court recently ruled to invalidate the plan because it contradicted its stated goal of increasing political financial transparency. Complete removal of the veil of secrecy is necessary to enable all interested parties, including political parties and the public, to make their own judgments before the Lok Sabha elections.
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