The collapse of the Silkyara Tunnel resulted in over 41 construction workers being trapped inside.The recently released electoral bonds data by the Election Commission of India sheds light on concerning links between Navayuga Engineering Company Private Limited and significant financial transactions. The company, which built the Silkyara Tunnel in Uttarkashi which tragically collapsed on November 12 last year, bought electoral bonds worth at least Rs 55 crore.
The collapse of the Silkyara Tunnel resulted in over 41 construction workers being trapped inside, necessitating a rescue operation that lasted more than 17 days. Against this backdrop, the revelation of substantial electoral bond purchases by Navayuga Engineering Company raises questions regarding the integrity of its financial dealings and potential implications for public safety.
The electoral bond data, spanning from April 1, 2019, to February 15, 2024, was shared by the State Bank of India with the Election Commission of India.
According to the electoral bonds data disclosed by the ECI on March 14, following a Supreme Court directive, Navayuga Engineering Company bought electoral bonds worth Rs 45 crore in 2019, with an additional Rs 10 crore worth of bonds in 2022. The company first bought 30 individual bonds of Rs 10 crore denomination each on April 18, 2019.
It is worth noting that prior to these financial transactions, Navayuga Engineering Company, a Hyderabad-based multi-crore company, came under scrutiny in July 2018 when the Registrar of Companies conducted a raid at its premises in connection with an alleged money laundering case. Subsequently, in October 2018, the Income Tax department raided the company’s Hyderabad premises over suspected tax evasion activities.
The ‘Navayuga Engineering Company Limited’ bought 45 electoral bonds worth Rs 1 crore each in 2019, while the same entity, listed as ‘Navayuga Engineering Co Ltd’ in the data, bought 10 more electoral bonds valued at Rs 1 crore each in 2022.
The distribution pattern of these bonds is noteworthy. The company bought the maximum of 30 bonds on April 18, 2019, followed by 15 bonds on October 10, 2019, and the remaining 10 bonds on October 10, 2022. This sequential acquisition of electoral bonds suggests a deliberate and calculated approach by Navayuga Engineering Company in managing its financial investments through this channel.
In the years 2023 and 2024, there is no available data linking the company to electoral bond purchases.
The Silkyara-Dandalgaon tunnel forms a crucial segment of the government’s ambitious Char Dham project, aimed at improving connectivity to revered Hindu pilgrimage sites including Badrinath, Kedarnath, Gangotri, and Yamunotri.
The Silkyara tunnel project was approved by the cabinet committee on economic affairs chaired by Prime Minister Modi in 2018. Originally scheduled for completion in 2022, the project is currently undergoing an extension.
In addition to the Silkyara tunnel project, Navayuga Engineering had been awarded the government’s prestigious Rishikesh-Karnaprayag rail link project in mid-2020.
The collapse of portions of the under-construction Silkyara-Dandalgaon tunnel on the Brahmkhal-Yamunotri highway, which occurred during a landslide at around 5:30 am on Diwali last year, trapped 41 labourers. The subsequent 17-day-long rescue operation cast a glaring spotlight on the evident lapses in safety protocols overseen by Navayug Engineering.