
The Congress has accused the BJP of engaging in corrupt practices such as quid pro quo, seeking donations in exchange for government favors, kickbacks, and money laundering through shell companies, based on data regarding electoral bonds. Jairam Ramesh, the general secretary of the Congress, highlighted the need for unique bond ID numbers to track donors accurately.
Ramesh provided an initial analysis of the electoral bonds data, revealing that over 1,300 companies and individuals, including contributions exceeding ₹6,000 crores to the BJP since 2019, have made donations. He alleged instances of companies receiving significant government benefits shortly after donating electoral bonds, citing examples such as Megha Engineering & Infra and Jindal Steel and Power.
Furthermore, Ramesh accused the BJP of employing a “Hafta Vasooli” strategy, wherein companies are targeted by enforcement agencies and coerced into making donations to the party for protection. He cited instances of companies being raided by the Enforcement Directorate (ED), Central Bureau of Investigation (CBI), or Income Tax (IT) department, and subsequently donating to the BJP via electoral trusts.
The analysis also pointed to a pattern of kickbacks, with companies allegedly reciprocating government favors through electoral bond donations. Examples included Vedanta receiving a coal mine contract and later donating to the BJP. Ramesh raised concerns about money laundering facilitated by the removal of restrictions on corporate donations, allowing shell companies to contribute black money.
Moreover, Ramesh criticized the lack of comprehensive data, noting discrepancies between the period covered by the disclosed data and the actual issuance of electoral bonds. He questioned the whereabouts of bonds sold between March 2018 and April 2019, highlighting the need for transparency in political funding.
Additionally, prominent individuals and companies, including Lakshmi Mittal, Sunil Bharti Mittal’s Airtel, Vedanta, ITC, Mahindra and Mahindra, and Future Gaming and Hotel Services, were identified as buyers of electoral bonds for political donations.
The State Bank of India (SBI) shared electoral bond purchase and redemption data with the Election Commission following a Supreme Court directive. The disclosed data revealed that over 22,000 electoral bonds were purchased between April 2019 and February 2024, with the majority redeemed by political parties.