In a twist of irony, esteemed economist Parakala Prabhakar, also known as the spouse of Union Finance Minister Nirmala Sitharaman, has sounded the alarm bells on the staggering impact of the controversial “electoral bond issue” on the ruling Bharatiya Janata Party (BJP).
During an interview with Reporter TV, Prabhakar boldly declared, “The electoral bond issue will gain more momentum than ever before. It’s not just India’s biggest scam; it’s the world’s biggest scam. The repercussions for the government will be severe.”
The timing of Prabhakar’s statement couldn’t be more biting, especially as data from the Election Commission of India’s official website reveals damning statistics. From April 12, 2019, to February 15, 2024, the BJP emerged as the primary beneficiary of electoral bonds, raking in a staggering Rs 6,986.5 crore. Trailing behind were other political heavyweights like West Bengal’s ruling Trinamool Congress (Rs 1,397 crore), Congress (Rs 1,334 crore), and Bharat Rashtra Samithi (Rs 1,322 crore).
However, the plot thickens as the Supreme Court, in a landmark ruling issued in February, struck down the Modi-led Centre’s Electoral Bond Scheme. This scheme, which allowed anonymous funding to political parties, was deemed unconstitutional, leading the court to direct the State Bank of India to halt issuing electoral bonds immediately.
Civil society activists have further fueled the fire, revealing shocking details of 41 companies under investigation by the Central Bureau of Investigation (CBI), Enforcement Directorate (ED), and income tax department. These companies allegedly funneled a whopping Rs 2,471 crore to the BJP through electoral bonds, with a significant chunk of Rs 1,698 crore being donated post-raids by these agencies.
In a jaw-dropping revelation, senior advocate Prashant Bhushan unveiled instances where companies like Future Gaming and Aurobindo Pharma pumped millions into the BJP’s coffers mere months after being raided by investigative agencies.
In response, opposition parties have lambasted electoral bonds as nothing short of legalized corruption, accusing the BJP of exploiting the system for political gain. However, the BJP has vehemently defended the scheme, arguing that abolishing electoral bonds could pave the way for the resurgence of black money in politics.
As the political battleground heats up with accusations flying left and right, one thing remains clear: the fallout from the electoral bond saga promises to be nothing short of explosive.
