The disclosure so far includes only the date and amount of the bonds purchased and how many were redeemed by political parties were revealed, but the direct connection is yet to be established since State Bank of India did not reveal full details, especially alphanumeric numbers of the bonds that would ultimately link the donors and the recipient political parties. Full disclosure would reveal much more than we already know, which would open another task of probing the black money trail. Modi government has been claiming all along that Electoral Bond Scheme was intended to stop the flow of black money into politics, however, the claim proved wrong, and BJP itself emerged as the largest political party receiving the black money through electoral bonds. It has already been revealed that black money was channelized through shell companies, unknown entities, and individuals.

Political parties and their leaders are often accused of corruption through its various schemes. The corruption money is also distributed among several political parties, government officials, and other groups and individual extortionists. The initial disclosure of electoral bond scheme has revealed what happens where two political parties are involved in any particular scheme. This is an important issue at present since Modi government has been asking people to elect “double-engine” governments – single party in both the state and the Centre. Obviously, in double-engine government – even corruption will be smooth.

The problem becomes difficult to solve when a scheme is implemented by two governments of the Centre and of the state led by two different political parties. We have numerous examples in which both the political parties accuse each other of corruption. Such a situation also prevails in the National Capital Territory Delhi, where governance is unique in the sense that state government schemes are implemented after clearance from the Centre through its appointee Lieutenant Governor (LG).

Most of us by now are aware of the Delhi Liquor Policy Scam which relates to the Delhi Excise Policy 2021-22, was cleared by LG of NCT Delhi, implemented in November 2021, but scraped in September 2022 on allegation of corruption in making this policy. Electoral bonds have also a link with this scam which would be worth knowing at this point of time, to know the exact modus operandi of the Modi government which is accused by the opposition of using Central agencies as tool such as CBI, ED, Income Tax Department, NIA etc.

CBI had already registered a case and conducted raids on August 20, 2022 on the Deputy Chief Minister Manish Sisodia. On the basis of CBI case ED registered a case of money laundering and raided several locations on September 6, 2022. ED arrested Sarath Reddy, the director of Aurobindo Pharma on November 10, 2022. Thereafter, several people and political leaders of AAP and BRS have been arrested by the ED – AAP leader Manish Sisodia is in jail since February 2023, and BRS leader K Kavitha has just been arrested.

ED had told the court that Reddy was “one of the kingpins” and a “major beneficiary of the carteliasation” whose group “controlled 30 per cent of Delhi’s liquor market”. ED said that Reddy has allegedly paid Rs100 crore to the AAP. Just five days after Sarath Reddy’s arrest their family company Aurobindo Pharma donated electoral bonds of Rs5 crore on November 15. Between April 2021 and November 2023 their company donated Rs52 crore. Reddy had actually bought pardon by purchasing and donating through electoral bond. He was made approver by ED, and five months after becoming approver the company donated Rs25 crore through electoral bond.

This is only one of the examples of extortion by the Modi government and selling government favour. There could be many dimensions of the Electoral Bond Scheme Conspiracy which needs to be fully probed. Union Finance Minister, Nirmala Sitharaman’s statement that she did not think people bought electoral bond out of fear of ED actions has no value. In this matter, Union Home Minister Amit Shah’s and other BJP leaders’ statements have also little value when they refer that opposition political parties have also got money through electoral bonds, since it does not absolve the government of the responsibility to stop the flow of black money, which was actually legalized by the Modi government primarily for BJP’s benefit through financially crippling opposition political parties.

Over two dozen companies are so far identified giving donations through electoral bonds after raids by Central investigating agencies. The issue of ‘quid pro quo’ ie selling government favours in exchange to cash donation is yet to be fully known, which could be possible after linking of donors and the ruling establishments, when SBI would reveal alphanumeric numbers of the bonds.

BJP leaders have tried their best to underplay the issue and Amit Shah even lied by misinforming the amounts of bonds both purchased and donated to several political parties. BJP has got Rs 8.251 crore out of Rs 16,478 crore donated to political parties. Full disclosure of donors is required, but surprisingly BJP has said to Election Commission that it would not reveal the identity of the donors since Electoral Bonds Scheme was devised to provide anonymity to donors. This logic from the ruling party is not acceptable. Therefore, the Supreme Court of India must ensure the SBI reveals the unique numbers of the bonds that is necessary to know who were parties in “quid pro quo” and who suffered the legalized extortion and compelled to buy electoral bonds. (IPA Service)