'Assumptions': Finance minister Nirmala Sitharaman delinks electoral bond donors & probe agency raids

Nearly half of the top thirty firms contributing to political parties via electoral bonds have been probed by central probe agencies, including the Enforcement Directorate, Central Bureau of Investigation, and Income Tax departments. 

To a question by Business Today's Executive Director Rahul Kanwal if the disclosure by the nation’s election commission indicated at some 'protection', the finance minister Nirmala Sitharaman said it was mere assumption.  

"What if the companies gave the money, and after that, we still went and knocked at their doors through the Enforcement Directorate? That's an assumption that the ED went and knocked at their doors, they wanted to save themselves, and therefore they came up with the funds," the Finance Minister said.

Sitharaman was speaking at the India Today conclave. "For all you know the money may have been given earlier and after that the agencies knocked at their doors," the minister said.  

"The second assumption in that itself is, are you sure they gave it to the BJP? They probably gave it to the regional parties."

"The electoral bond system may not be perfect. We must take lessons from the Supreme Court judgement on electoral bonds. There may or may not be a new law around this, I’m not commenting. Will make efforts to make the process more transparent,"

Investigations into these firms, according to an India Today report, have varied in intensity, ranging from case filings to conducted raids. 

Some firms have even had their assets attached by the Enforcement Directorate. Among such entities investigated by these agencies, and also contributing through electoral bonds, are Future Gaming and Hotel Services, Megha Engineering and Infrastructure Limited.

Sitharaman's comments came after the Supreme Court ordered the SBI to publish electoral bond numbers, revealing crucial link between donors and political parties.  The apex court  categorically stated that the national lender had to disclose electoral bonds numbers as well, in addition to the details it has already disclosed regarding the purchase and redemption of the bonds. 

As per the details, BJP encashed electoral bonds worth ₹6060.5 crore — the highest among all parties — between April 12, 2019 and January 24, 2024. In the period, BJP’s share in the total bonds encashed was over 47.5%. The All India Trinamool Congress received ₹1,609.50 crore (12.6%) via this route followed by the Congress ₹1,421.9 crore (11.1%), the second and third biggest parties in terms of encashment in the period.