The Congress has raised serious allegations against the BJP, asserting that the recently disclosed electoral bonds data unveils a spectrum of corrupt practices, including quid pro quo arrangements, donations in exchange for protection, kickbacks, and money laundering via shell companies.
Congress leader Jairam Ramesh said that the party”s has been demanding unique bond ID numbers, crucial for precisely tracing donors and recipients. The Congress general secretary provided an analysis of the Electoral Bonds data, which was released by the State Bank of India after considerable delay, allegedly orchestrated to defer its disclosure until after the elections.
According to Ramesh, the data reveals that over 1,300 companies and individuals have contributed electoral bonds, with donations exceeding Rs 6,000 crore to the BJP since 2019. He asserted that the disclosed information sheds light on at least four distinct corrupt practices of the BJP.
Quid Pro Quo: Numerous instances highlight a concerning pattern where companies, following their hefty donations in electoral bonds, swiftly received substantial favors from the government,” he alleged. “For instance, Megha Engineering & Infra”s contribution of over Rs 800 crore in electoral bonds (EBs) preceded their donation of Rs 140 crore in April 2023, merely a month before being awarded the Rs 14,400 crore Thane-Borivali Twin Tunnel Project.”
“Similarly, Jindal Steel and Power”s donation of Rs 25 crore in EBs on October 7, 2022, coincided remarkably with their acquisition of the Gare Palma IV/6 coal mine just three days later, on October 10, 2022,” Ramesh claimed.
Hafta Vasooli: The BJP”s alleged “Hafta Vasooli” strategy involves raids through agencies like the ED/CBI/IT, followed by coercing “donations” for the protection of targeted companies,” he alleged. “It”s noteworthy that at least 14 of the top 30 donors have reportedly faced such raids.”
“An investigation earlier this year uncovered a troubling trend where companies, post-raids by the ED/CBI/IT, were compelled to donate to the BJP through electoral trusts,” Ramesh stated. “Many of these same entities have also channeled their contributions through electoral bonds, exemplified by cases like Hetero Pharma and Yashoda Hospital.”
“The saga continues, with instances like the IT department”s raid on Shirdi Sai Electricals in December 2023, swiftly followed by a donation of ₹40 crore through Electoral Bonds in January 2024,” the Congress leader claimed.
Future Gaming & Hotels emerges as the largest donor in the disclosed data, with contributions exceeding ₹1200 crore, alleged Ramesh, highlighting a concerning timeline. In April 2022, the Enforcement Directorate (ED) conducted raids on Future, and just five days later, on April 7, they made a donation of ₹100 crore in Electoral Bonds.
Further, in October 2023, the IT department raided Future, coinciding with a Rs 65 crore donation in Electoral Bonds during the same month, he claimed.
Kickbacks: Ramesh continued his allegations, pointing out a noticeable pattern suggesting kickbacks. For instance, Vedanta secured the Radhikapur West private coal mine on March 3, 2021, followed by a Rs 25 crore donation in electoral bonds in April 2021, he asserted. Similarly, Megha Engineering & Infra clinched the Rs 4,500 crore Zojila tunnel project in August 2020, and by October 2020, they had donated Rs 20 crore in Electoral Bonds.
Megha secured the BKC bullet train station contract in December 2022, promptly followed by a Rs 56 crore donation in the same month,” Ramesh alleged.
Money Laundering Through Shell Companies: The Congress leader alleged that the data suggests instances of money laundering through shell companies. One glaring issue in the electoral bonds scheme is its removal of the restriction limiting corporate donations to a small percentage of profits, opening the floodgates for shell companies to funnel black money, he explained. Several suspicious cases, such as the Rs 410 crore donation by Qwik Supply Chain Limited, stand out, especially considering the company”s meager share capital of just Rs 130 crore, according to Ministry of Corporate Affairs filings.
The Congress leader pointed out another significant concern: the absence of crucial data. While the State Bank of India (SBI) started selling electoral bonds in March 2018, the data provided only starts from April 2019, leaving a glaring gap.
A staggering Rs 2,500 crore worth of bonds are unaccounted for in this dataset. “Where is the data of these missing bonds, from March 2018 to April 2019? For instance, in the very first tranche of bonds, the BJP bagged 95% of the funds. Who is the BJP trying to protect?”
In response to a Supreme Court directive, the State Bank of India (SBI), the designated seller of electoral bonds, provided the data to the poll panel on March 12. The top court had instructed the Election Commission to publish the data on its website by 5 pm on March 15.
According to the SBI, donors bought a total of 22,217 electoral bonds of varying denominations between April 1, 2019, and February 15 2024, with political parties redeeming 22,030 of them.
