In the run-up to the Lok Sabha elections, the disclosure of electoral bond data by the Election Commission of India (ECI) and the State Bank of India (SBI) has provided fresh ammunition to the Opposition, particularly the INDIA bloc, to target the Bharatiya Janata Party (BJP). The data revealed a significant influx of funds through electoral bonds, raising concerns over possible money laundering and corporate influence in politics.
According to sources, the INDIA bloc parties intend to utilize the data to highlight instances where companies under investigation by agencies like the Enforcement Directorate (ED) or Central Bureau of Investigation (CBI) made hefty donations through electoral bonds. Additionally, they plan to focus on the potential misuse of electoral bonds for money laundering purposes.
The Supreme Court's order to scrap the electoral bond scheme as unconstitutional further adds fuel to the Opposition's campaign against the BJP. The data unveiled by the ECI indicated that a large number of companies and individuals purchased bonds worth billions of rupees, with the BJP emerging as the top beneficiary, followed by other political parties like the Trinamool Congress (TMC) and Congress.
Former Congress president Rahul Gandhi condemned the scheme, labeling it as "the world's largest extortion racket led by Prime Minister Modi." He criticized the anonymity provided to corporate donors through electoral bonds and accused the BJP of turning the system into a tool for corruption and extortion.
While the INDIA group strategizes on how to utilize the electoral bond data collectively, individual parties within the bloc are gearing up to raise the issue independently in their respective constituencies. Sitaram Yechury of the Communist Party of India (Marxist) emphasized the importance of coordinating efforts to address the BJP's alleged corruption and its impact on common citizens.
The Trinamool Congress, despite its differences with the Congress in seat-sharing agreements, echoed similar concerns regarding the electoral bond scheme. Bengal industry minister Shashi Panja highlighted instances where companies allegedly made donations under pressure from investigative agencies, portraying it as extortion by the ruling party.
In response, the BJP defended its stance, emphasizing its commitment to transparent political funding. A BJP-leaning analyst emphasized that no evidence of quid pro quo has been established and reiterated the party's adherence to legal procurement processes.
As the electoral bond data continues to fuel debates and controversies, it remains to be seen how the political landscape evolves in the lead-up to the elections, with parties leveraging the issue to sway public opinion in their favor.