The petition highlights concerns that several pharmaceutical companies, previously under scrutiny for producing substandard drugs, bought electoral bonds.A petition has been in the Supreme Court for a court-monitored Special Investigation Team (SIT) to look into the suspected scam involving political financing via electoral bonds, as reported by LiveLaw. Common Cause, an NGO, filed the petition citing news reports linking certain companies like Megha Engineering and Infrastructures Ltd, APCO Infratech Private Limited (APCO), Future Gaming and Hotel Services, Grasim Industries, IFB Agro Limited, Infina Capital Private Ltd. (Infina), Aurobindo Pharma, Vedanta, and Bharti Airtel Limited to electoral bonds.
The petition highlights concerns that several pharmaceutical companies, previously under scrutiny for producing substandard drugs, bought electoral bonds. Alleging a quid pro quo arrangement, the plea argued that such transactions violate the Prevention of Corruption Act, 1988.
“For every Rs 1,000-crore worth of electoral bonds, contracts worth at least 100 times that amount have been given to the companies that bought those electoral bonds,” it said.
The petitioners argue that these actions are not only illegal, but also imply an expectation of favours in exchange for the purchase of electoral bonds. They seek an SIT investigation into instances of apparent quid pro quo involving public servants, political parties, commercial organizations, companies, officials of investigation agencies, and others, as detailed in the petition.
The plea notes that the scope of the alleged swindle should not be measured by the figure of Rs 16,500 crores, which represents the total amount obtained by all political parties through electoral bonds.
Filed through advocate Prashant Bhushan, the petition urges authorities to probe the sources of funds for shell companies and loss-making entities when they make donations to political parties. Should any funds be found to originate from illegal sources, the petitioners demand their retrieval from the political parties.
This move echoes previous calls by the Congress for an SC-monitored SIT probe into the electoral bonds, with the party alleging that the financing method facilitates various forms of bribery through bank channels. Senior Congress leader Jairam Ramesh accused the Narendra Modi-led NDA government of sanctioning corruption, alleging a nexus between donations to the BJP and subsequent government contracts and approvals.
Prime Minister Modi has defended electoral bonds, asserting that the process ensures transparency regarding the money trail and the involved stakeholders. “Due to electoral bonds, you are getting the trail of the money. Which company gave it? How did they give it? Where did they give it? And that is why I say when they (opposition) will think honestly, everyone will regret it,” the PM said in an interview.