Recent revelations from The Indian Express shed light on a concerning trend regarding electoral bond donations, indicating a notable surge in contributions from companies under investigation by investigative agencies. Among the findings, 16 out of 26 companies facing scrutiny increased their political donations through bonds only after coming under the radar of these agencies. Moreover, donations from another six companies surged following the initiation of investigative actions against them.
The analysis of these 26 companies, as detailed by The Indian Express, unveils a significant correlation between increased political funding and regulatory scrutiny. The beneficiaries of these donations include the BJP, which garnered 37.34% of the bonds purchased by these companies, along with other ruling parties such as the TMC, DMK, BJD, and BRS. The Congress, ruling in three states, also received a substantial share of 11.97%.
The data shows a stark contrast in donation patterns before and after the intervention of investigative agencies. Between April 2019 and February 2024, these companies collectively purchased bonds worth Rs 700.65 crore before facing scrutiny, which significantly escalated to Rs 4,479.6 crore post-investigative actions. Notably, ten of these companies individually donated over Rs 100 crore each.
For instance, Future Gaming, owned by “lottery king” Santiago Martin, abstained from purchasing electoral bonds until a year after facing an Enforcement Directorate (ED) probe on alleged money laundering charges. Subsequently, the company significantly escalated its bond purchases, directing substantial amounts to the DMK, TMC, and BJP.
Similarly, Haldia Energy witnessed a 16-fold surge in bond purchases after facing central agency actions, significantly increasing its contributions to the TMC, BJP, and Congress.
Other noteworthy instances include the Megha Group, which notably directed its bond purchases towards the then-ruling BRS in Telangana before redirecting substantial sums to various parties after investigative actions.
Furthermore, the Keventer group of companies altered its donation patterns, favoring the BJP before and after ED probes, and subsequently directing contributions to the TMC after agency raids.
The overall findings underscore the intricate relationship between corporate entities, political donations, and regulatory scrutiny, raising pertinent questions about transparency and accountability in India’s electoral funding landscape.
