The Congress has lodged accusations against the BJP, asserting that the unveiling of electoral bonds data has brought to light the party’s “unscrupulous maneuvers” such as tit-for-tat exchanges, soliciting contributions for corporate safeguarding, kickbacks, and the channeling of illicit funds through shell entities. Jairam Ramesh, the general secretary of the Congress, has reiterated the party’s call for the implementation of distinctive bond identification numbers to facilitate the precise matching of donors with beneficiaries.
In a communication on X, Ramesh disseminated a preliminary examination of the Electoral Bonds (EB) data disclosure, which the State Bank of India (SBI) released following weeks of “deliberately delaying it until after the electoral process.” “More than 1,300 corporations and individuals have extended contributions through electoral bonds, including over 6,000 crore to the BJP since 2019,” he divulged.
As per Ramesh, the electoral bonds data so far has laid bare at least four underhanded strategies of the BJP. “Tit-for-Tat: Numerous instances exist where companies have contributed electoral bonds and promptly received substantial benefits from the government: Megha Engineering & Infra has dispensed over Rs. 800 crores in EBs. In April 2023, they contributed Rs. 140 crore, and merely a month later, they secured the Rs. 14,400 crore Thane-Borivali Twin Tunnel Project,” he alleged.
Jindal Steel and Power donated Rs. 25 crore in EBs on 7 October 2022, and within a mere three days, they clinched the Gare Palma IV/6 coal mine, on 10th October 2022, Ramesh contended. “Extortion: The BJP’s extortion strategy is straightforward—raid a target through the ED/CBI/IT, and subsequently demand extortion (“contributions”) for the protection of the corporation. At least 14 of the top 30 contributors have undergone raids,” he claimed.
An earlier investigation this year uncovered that subsequent to ED/CBI/IT raids, corporations were coerced into contributing to the BJP via electoral trusts, Ramesh noted. Many of these same corporations have contributed through EBs, such as Hetero Pharma and Yashoda Hospital, he emphasized. “The IT department raided Shirdi Sai Electricals in December 2023, and in January 2024, they donated Rs. 40 crore through Electoral Bonds,” the Congress leader maintained.
“Future Gaming & Hotels has extended contributions exceeding Rs 1200 crore, emerging as the primary contributor in the available data. Here’s the timeline: April 2, 2022: ED raids Future, and five days later (7th April), they contribute Rs. 100 crores in EBs,” Ramesh alleged. The IT department raided Future in October 2023, and within the same month, they contributed Rs. 65 crores in EBs, he disclosed.
Ramesh further alleged that the data indicates a recurring pattern of kickbacks, wherein immediately after receiving certain benefits from the Central government, corporations reciprocate the favor through electoral bonds. “Vedanta secured the Radhikapur West private coal mine on 3rd March 2021, and then in April 2021, they contributed Rs. 25 crore in Electoral Bonds,” he asserted.
“Megha Engineering & Infra secured the Rs. 4,500 crore Zojila tunnel project in August 2020, then contributed Rs. 20 crore in Electoral Bonds in October 2020,” Ramesh detailed. He also claimed that Megha secured the BKC bullet train station contract in December 2022 and contributed Rs. 56 crore in the same month.
Ramesh asserted that the data also suggests the occurrence of money laundering through shell corporations. “One significant concern with the electoral bonds scheme is the elimination of the restriction limiting the proportion of a corporation’s profits that could be donated, thereby enabling shell corporations to contribute illicit funds. Numerous such dubious cases exist, such as the Rs. 410 crore contributed by Qwik Supply Chain Limited, a corporation with a total share capital of just Rs. 130 crores according to MoCA filings,” he stated.
The Congress leader highlighted another major concern: missing data. The information provided by SBI only commences in April 2019, although SBI sold the inaugural tranche of bonds in March 2018. “A total of Rs. 2,500 crores in bonds are absent from this data. Where is the data pertaining to these missing bonds, from March 2018 to April 2019? For example, in the very first tranche of bonds, the BJP obtained 95% of the funds. Whom is the BJP striving to shield?” he questioned.
“As the scrutiny of the electoral bonds data persists, numerous additional instances of the BJP’s corruption will come to light. We also persist in advocating for distinctive bond ID numbers, facilitating the precise matching of donors with recipients,” Ramesh concluded. Ramesh also alleged that the data indicates a pattern of kickbacks, wherein immediately after receiving certain benefits from the Central government, corporations reciprocate the favor through electoral bonds.
From steel magnate Lakshmi Mittal to billionaire Sunil Bharti Mittal’s Airtel, Anil Agarwal’s Vedanta, ITC, Mahindra and Mahindra, and a lesser-known Future Gaming and Hotel Services were among the notable purchasers of the now-defunct electoral bonds for political contributions.
Following a directive from the Supreme Court, the State Bank of India (SBI), which served as the authorized distributor of electoral bonds, furnished the data to the poll panel on March 12. The apex court had granted the Election Commission until 5 pm on March 15 to upload the data on its website.
The SBI reported that a total of 22,217 electoral bonds of varying denominations were procured by contributors between April 1, 2019, and February 15 this year, out of which 22,030 were redeemed by political parties.