In New Delhi, Kapil Sibal, an esteemed Rajya Sabha MP, lambasted the electoral bonds scheme as a “prodigious malfeasance,” advocating for the establishment of a special investigation unit (SIU) staffed by jurists appointed by the judiciary to scrutinize alleged quid pro quo and malpractices associated with it.
Sibal, a seasoned legal expert spearheading the litigations for petitioners in a case before the Supreme Court regarding electoral bonds, asserted during a press briefing that the scheme was “unlawful” and devised to bolster a specific political faction to an extent where no rival faction could rival it.
His assertions followed the Election Commission’s publication of electoral bonds data on its online platform. Criticizing the BJP-led government over the matter, Sibal remarked, “The architect of this scheme was our erstwhile finance minister (Arun Jaitley), who envisioned that through this mechanism, no political adversary could match our (BJP’s) prowess, and he was vindicated. Those with financial resources dictate the terms.”
The parliamentarian emphasized the necessity of investigating the recipients of the bonds. “The pertinent question pertains to the beneficiaries of these bonds. It warrants a thorough investigation,” he articulated.
Addressing queries regarding notable business conglomerates such as Adani and Ambani being absent from the data, Sibal cautioned against premature conclusions. “We are preempting the discourse. There might exist linkages between these conglomerates and their subsidiaries or affiliates. It is premature to speculate. Therefore, I refrain from levying accusations against any entity, including the prominent players,” he clarified.
“As per my understanding, this constitutes a subject of inquiry. The crux of the matter lies in the illegitimate elevation of a political faction to an unparalleled pedestal. Given the apparent quid pro quo, legal ramifications under the Prevention of Corruption Act are inevitable. However, owing to the Enforcement Directorate’s prolonged inertia, immediate action appears unlikely. Nevertheless, justice will prevail, either through awakening of investigative agencies or judicial intervention,” Sibal asserted.
He advocated for the establishment of an SIU comprising impartial appointees mandated by the judiciary to delve into the matter. “As aforementioned, the imperative is the establishment of an SIU comprising autonomous officials designated by the judiciary to oversee the inquiry,” Sibal advocated. He further remarked that individuals prosecuted by the ED and the CBI had exhibited magnanimity by contributing to political causes.
“It appears that individuals subject to investigations by the ED or the CBI have contributed donations, subsequently evading further legal action,” he alleged.
“Additionally, there exist entities with vested interests who might have channeled funds for ulterior motives. This necessitates correlation. Furthermore, the presence of shell companies complicates matters,” Sibal elaborated.
Furthermore, he highlighted the significance of investigating donor companies facing financial adversity or with profits insufficient to justify their contributions.
“Hence, these financial transactions epitomize bribery. If these funds were utilized for electoral purposes, it constitutes a significant scandal. To reiterate, India grapples with two monumental scandals — demonetization and this debacle. Funds were anticipated from Swiss banks, yet they materialized through these conduits,” the former Congress leader quipped, deriding the government.
Sibal underscored the need to address existing gaps through thorough investigation. “Moreover, it is imperative to ascertain the sources of contributions to PM-CARES. Industrialists likely constituted a substantial portion of the donors,” Sibal affirmed. Notable figures such as steel magnate Lakshmi Mittal, telecommunications tycoon Sunil Bharti Mittal’s Airtel, Anil Agarwal’s Vedanta, ITC, Mahindra and Mahindra, and a lesser-known entity — Future Gaming and Hotel Services — emerged as prominent purchasers of the now-defunct electoral bonds for political contributions.
In compliance with a Supreme Court directive, the State Bank of India (SBI), the designated distributor of electoral bonds, divulged the data to the election regulatory body on March 12. The apex court accorded the EC until 5 p.m. on Friday to publish the data on its official platform.
The SBI disclosed that donors procured a total of 22,217 electoral bonds of various denominations between April 1, 2019, and February 15, 2024, of which 22,030 were redeemed by political entities.