जनभावना टाइम्स ਇੰਡੀਆ ਡੇਲੀ ਪੰਜਾਬੀ इंडिया डेली लाइव

Investigating Electoral Bond Controversy: Unravelling Donations and Raids connection

Electoral Bond Controversy: Surprisingly, the top donors listed were not the usual corporate giants like Adani or Ambani groups.

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Edited By: Prateek Gautam
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Electoral Bond Controversy: The Electoral Bonds Case has garnered significant attention in recent years, particularly due to the scrutiny it has faced from regulatory bodies such as the Enforcement Directorate (ED) and the Income Tax Department (IT). This article delves into the intricate details of the case, shedding light on the donors involved and the ongoing investigations.

The Revelation: Top Donors Amidst Raids

Following the directives of the Supreme Court, the State Bank of India (SBI) forwarded electoral bond data to the Election Commission (EC), which subsequently made the information public. Surprisingly, the top donors listed were not the usual corporate giants like Adani or Ambani groups. Instead, companies like Future Gaming, Megha Engineering, and Vedanta emerged as major contributors, despite facing ED and IT actions.

Future Gaming: Amidst Investigations

Future Gaming, owned by Santiago Martin, surfaced as the leading donor, purchasing bonds worth a staggering Rs 1,300 crore. Notably, ED initiated a money laundering probe against Future Gaming in early 2019, seizing assets exceeding Rs 250 crore. Despite the investigations, the company continued to procure electoral bonds, raising eyebrows about its financial activities.

Megha Engineering: Political Contributions Amidst Projects

Megha Engineering, headquartered in Hyderabad, stands as the second-largest donor, having acquired bonds worth Rs 1,000 crore. Engaged in various government projects, including the prestigious Kaleshwaram Dam Project, Megha Engineering attracted ED scrutiny following income tax raids in 2019. Despite the investigations, the company persisted in its political contributions, raising questions about its financial integrity.

Vedanta Group: Allegations and Contributions

Anil Aggarwal's Vedanta Group ranks fifth in political donations, purchasing bonds worth Rs 376 crore. However, the company faced allegations of visa bribery and money laundering, prompting ED investigations. Despite the legal entanglements, Vedanta continued its contributions to political parties, casting doubts on its ethical practices.

Unveiling Additional Donors and Ongoing Raids

Beyond the top contributors, several other companies, including Ritvik Projects, Aurobindo Pharma, and Rashmi Cement, made substantial political donations amidst ongoing investigations. Despite facing ED and IT raids, these companies continued their electoral bond purchases, raising concerns about the nexus between corporate interests and political funding.

Ritvik Projects: TDP Links and Allegations

Ritvik Projects, owned by TDP leader CM Ramesh, donated Rs 45 crore despite facing allegations of embezzlement and income tax raids. The company's association with political figures and its financial activities underscore the complexities of political funding in India.

Aurobindo Pharma: Legal Entanglements and Contributions

Aurobindo Pharma, embroiled in the Delhi liquor case, contributed Rs 49 crore to political parties. Despite ED arrests and ongoing investigations, the company continued its electoral bond purchases, highlighting the challenges of regulating corporate donations in the country.

Rashmi Cement: ED Scrutiny and Political Funding

Rashmi Cement, under ED investigation since 2022, donated Rs 64 crore to political parties. The company's involvement in alleged financial irregularities and its political contributions raise questions about transparency and accountability in corporate financing.

Understanding the Top Electoral Bond Buyers

The Electoral Commission's data provides insights into the top 20 electoral bond buyers, encompassing a diverse range of industries, from lottery to mining and infrastructure.

Insights into the Top Buyers

Companies like Future Gaming, Megha Engineering, and Quick Supply Chain lead the pack in electoral bond purchases, underscoring the varied interests of corporate entities in political funding. With donations amounting to hundreds of crores, these companies wield significant influence in shaping political landscapes.

Top 20 companies that brought electoral bonds

  1. Future Gaming and Hotel Services Private Limited purchased electoral bonds worth Rs 1,368 crore. This company is involved in lottery business, whose headquarters is in Coimbatore. The company was established in 1991.
  2. Megha Engineering and Infrastructure Limited purchased electoral bonds worth Rs 966 crore. This company is involved in dam and power projects. Its headquarters is in Telangana. The company was established in 1989.
  3. Quick Supply Chain Private Limited purchased electoral bonds worth Rs 410 crore. This company is involved in logistics and supply chain. The company was established in the year 2000.
  4. Haldia Energy Limited bought bonds worth Rs 377 crore. This company runs a thermal power plant located in Haldia, West Bengal. The company was established in 2015.
  5. Vedanta Limited bought bonds worth Rs 376 crore. This company is involved in mining, which is the largest producer of aluminum in India. This company was established in 1965.
  6. Essel Mining and Industries Limited bought bonds worth Rs 225 crore. This company is involved in iron ore mining, whose headquarters is located in Mumbai. The company was established in 1950.
  7. Western UP Power Transmission Company bought a bond worth Rs 220 crore. This company is active in power generation. It was established in 2009.
  8. Bharti Airtel Limited bought bonds worth Rs 198 crore. This company is a mobile network operator, whose headquarters is in New Delhi. The company was established in 1995.
  9. Keventer Food Park Infra Limited bought bonds worth Rs 195 crore. This company is active in dairy and FMCG. Its headquarters is in Kolkata, West Bengal.
  10. MKJ Enterprises Limited bought bonds worth Rs 192 crore. This company is active in stainless steel business. Its headquarters is in Kolkata.
  11. Madanlal Limited bought bonds worth Rs 186 crore.
  12. Yashoda Super Specialty Hospital bought bonds worth Rs 162 crore.
  13. Utkal Alumina International Limited bought bonds worth Rs 145 crore.
  14. DLF Commercial Developers Limited bought bonds worth Rs 130 crore.
  15. Jindal Steel and Power Limited bought bonds worth Rs 123 crore.
  16. BG Shirke Construction Technology Private Limited bought bonds worth Rs 119 crore.
  17. Dhariwal Infrastructure Limited bought bonds worth Rs 115 crore.
  18. Avis Trading Finance Private Limited bought bonds worth Rs 113 crore.
  19. Torrent Power Limited bought bonds worth Rs 107 crore.
  20. Birla Carbon India Private Limited bought bonds worth Rs 105 crore.

Top 5 parties receiving political donations

  1. BJP - Rs 6,060.51 crore
  2. Trinamool Congress - Rs 1,609.53 crore
  3. Congress - Rs 1,421.87 crore
  4. Bharat Rashtra Samithi - Rs 1,214.71 crore
  5. Biju Janata Dal - Rs 775.50 crore

Navigating the Nexus of Money and Politics

The Electoral Bonds Case offers a glimpse into the intricate web of corporate interests and political funding in India. Despite facing regulatory scrutiny and legal challenges, companies continue to funnel substantial sums into political parties, raising concerns about transparency and accountability. As investigations unfold and revelations surface, it becomes imperative to address the underlying issues of corporate influence in shaping democratic processes.

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