In New Delhi, the Congress party contended on Thursday that the BJP’s relentless pursuit of donations led it to implement the electoral bonds scheme despite the prudent warnings from the RBI. They alleged that an excess of Rs 430 crore was contributed to the ruling party by 33 entities with negative or minimal profits.

Jairam Ramesh, Congress’s general secretary, referenced a media report on X revealing that 33 unprofitable firms bestowed electoral bonds valued at Rs 582 crore, predominantly favoring the Bharatiya Janata Party (BJP). He articulated, “The Electoral Bond Scam unveils four principal conduits of corruption, with each passing day shedding light on the pervasive corruption under the aegis of Narendra Modi.”

He further elucidated, “An update on the latest disclosures regarding the ‘Farzi Companies’ perpetrating donations to the BJP – a narrative of give funds, conduct business, acquire contracts, offer bribes; a cycle of deceitful entities.” Ramesh asserted that a total of Rs 434.2 crore was contributed to the BJP by 33 corporations with negative or near zero profit margins across a span of seven years (2016-17 to 2022-23).

“The collective net losses of these 33 entities exceeded Rs 1 lakh crore. Sixteen out of these 33 companies reported negligible or negative direct tax payments in total,” he expounded. Ramesh insinuated that most of these 33 entities likely operated as shell companies, serving as conduits for illicit financial activities.

Additionally, he alleged that Rs 601 crore was funneled into the BJP’s coffers by six corporations with positive net profits from 2016-17 to 2022-23, despite their electoral bond contributions surpassing their collective net profit significantly. These corporations purportedly functioned as proxies for other entities, according to Ramesh.

“When the concept of Electoral Bonds was first introduced by the Modi government, the RBI voiced apprehensions regarding its susceptibility to money laundering. However, the BJP’s relentless pursuit of funds compelled it to proceed with the scheme, disregarding this prudent counsel. The ramifications for the nation have been profound,” Ramesh concluded.