The data on Electoral Bonds released by the Election Commission on Thursday revealed the top political funders of the now-scrapped scheme over the last five years, which include firms that face Enforcement Directorate (ED) and Income Tax (IT) department investigations.
Interestingly, three of the top five donors, including number one donor Future Gaming, Hyderabad-based infrastructure firm Megha Engineering and mining giant Vedanta, face probe from federal investigation agencies.
While Future purchased bonds worth Rs 1,300 crore between 2019 and 2024, Megha has purchased Rs 980 crores between 2019 and 2023. Vedanta, the fifth largest buyer of electoral bonds, bought electoral bonds worth Rs 375.65 crore.
Future, owned by Santiago Martin, has several run-ins with law enforcement agencies, including an ED probe into money laundering allegations. The ED had also searched the premises of Aadhav Arjun, son-in-law of Santiago Martin, earlier this month in connection with an illegal sand mining case.
Megha, which carries out infrastructure projects in irrigation, water management, power, hydrocarbons, transportation, buildings, and industries, faced IT raids at the group’s offices in Hyderabad in October 2019. However, the firm denied that it was a raid or a search and called it "routine inspection."
Recently a CAG audit report had mentions about Megha, alleging bribery and misappropriation of funds worth crores for the work it had done in a major irrigation project in Telangana. The report said the firm pocketed thousands of crores of rupees of public money in the ill-famed Kaleshwaram Lift Irrigation Scheme. The report also pointed fingers at the company's closeness with the previous BRS government.
Vedanta came under ED radar for its alleged involvement in a bribe-for-visa case in mid-2018 where certain Chinese nationals were given visas by alleged bending of rules. Few months later, Vedanta Ltd purchased bonds worth over Rs 39 crore. A money laundering probe is also on against the firm.
Besides these three firms, other firms that feature on the donor list with ED, IT behind them include Yashoda Super Speciality Hospital, which was raided by IT officials in 2020 and DLF Commercial Developers Limited which faced CBI raids in January 2019 over alleged irregularities in allocation of land, reported The Quint. While Yashoda purchased Rs 162 crore in electoral bonds in October 2021, DLF donated Rs 130 crore in electoral bonds.
The IT sleuths had also targetted Chennai Greenwoods Private Limited (Rs 105 crore in bonds), Dr Reddy's Laboratories Limited (Rs 80 crore), NCC Limited (Rs 60 crore), United Phosphorus India Limited (50 crore), Aurobindo Pharma (1.6 crore) and Divi S Laboratory Limited (55 crore).
