Opposition Demands Reform Amidst Electoral Bond Disclosure Fallout
The recent disclosure of electoral bonds data has ignited a fierce response from opposition leaders, who have wasted no time in condemning what they perceive as a deeply flawed system. Accusations of governmental inaction and alleged corruption have been levied, further amplifying the controversy surrounding electoral financing practices in India.
Sanjay Raut, (UBT) leader, Shiv Sena has levelled stinging accusations against the Bharatiya Janata Party (BJP), claiming that they are the primary beneficiary of electoral bonds purchased by gaming and gambling corporations. Raut's claim of a direct funnelling of monies into the BJP's bank accounts has echoed throughout political circles, with the scenario dubbed "the biggest scam in the country."
Additionally, the findings showed that Future Gaming and Hotel Services PR was the top donor, contributing Rs 1,368 crore to various political parties via electoral bonds. Megha Engineering and Infrastructures followed closely, contributing Rs 966 crore. Other notable contributors included Qwik Supply Chain, Vedanta and Haldia Energy, who donated Rs 410 crore, Rs 400 crore and Rs 377 crore, respectively. However, these gifts have come under examination as part of ongoing investigations.
As scrutiny intensifies, attention has also turned towards the beneficiaries of these bonds. The Bharatiya Janata Party (BJP) stands at the forefront, having encashed bonds worth Rs 6,060 crore. Trailing behind were the All-India Trinamool Congress (TMC) and the Indian National Congress (INC), with encashments of Rs 1,609 crore and Rs 1,422 crore respectively.
In addition, at a press conference, Kapil Sibal, MP Rajya Sabha called for an SIT probe into electoral bonds, criticising ED and CBI's inaction. He directly quoted, "ED and CBI are sleeping right now. If this thing happens against the Opposition, they would have taken action."
Further, Sibal indirectly referenced PM Modi's promise to bring back black money, stating, "Someone (PM Modi) said they would transfer Rs 15 lakh each to people's accounts, but it seems like they have transferred that money to their own accounts."
Many of the top 30 electoral bond purchasers have faced probes by investigative agencies. Future Gaming and Hotel Services' assets were attached by the Enforcement Directorate in conjunction with a money laundering investigation. Similarly, Megha Engineering and Infrastructures faced attention following Income Tax Department raids. BRS and BJD also faced a variety of actions from investigating agencies.
Manish Tewari, MP, Congress urged the Supreme Court to lift the corporate veil of shell companies to determine whether any quid pro quo in terms of favours had taken place between donors and political parties. He further stated, "corporate veil of shell companies to be lifted" to determine whether any quid pro quo in terms of favours have taken place between those who donated to political parties adding that in the coming days, people will get to know "interesting facts."
In total, the electoral bonds provided over Rs 16,000 crore to political parties during its existence. The lack of transparency in political funding, coupled with the nexus between donors and recipients, underscores the urgent need for comprehensive reforms in the electoral financing system.
Amidst mounting allegations and demands for an investigation, the opposition's reaction to the electoral bonds revelation underscores the urgent need for comprehensive reforms in electoral financing practices. As the discourse unfolds, the spotlight remains firmly fixed on the integrity and fairness of India's democratic processes.
