A lottery company has been revealed as the top political donor in India, with donations made through the controversial electoral bonds scheme that allowed for anonymity. Future Gaming and Hotel Services emerged as the largest donor, acquiring bonds worth 13 billion rupees from April 2019 to January 2024.
The ruling Bharatiya Janata Party (BJP) was the main beneficiary of the scheme, securing almost half of the total bonds worth 120 billion rupees donated between 2018 and 2024. Prime Minister Narendra Modi’s government introduced the electoral bonds scheme in 2018, claiming it would increase transparency in political funding. However, critics argued that it had the opposite effect, making the process more opaque.
In a significant development, India’s Supreme Court recently declared the scheme unconstitutional and ordered the Election Commission to disclose donation details to the public. This led to the State Bank of India (SBI) being instructed to disclose bond data to election officials.
Under the now-banned scheme, donors could purchase bonds in fixed denominations ranging from 1,000 to 10 million rupees and provide them to political parties to be encashed. Data released by the Election Commission revealed that major lottery companies, infrastructure giants, mining groups, and telecom companies were among the top donors.
The All India Trinamool Congress (TMC) of West Bengal received the second-highest amount of donations via the bonds, with 16 billion rupees. The opposition Congress party received 14 billion rupees. Mining companies like Vedanta Limited, Rungta Sons Private Limited, Jindal Steel and Power (JSPL), Essel Mining and Industries Limited (EMIL), and Dempo collectively bought bonds worth 8.2 billion rupees.
A spokesperson for the Congress party accused the BJP of corruption, alleging that companies donating electoral bonds received substantial benefits from the government. The Supreme Court’s decision to reveal the unique numbers of electoral bonds is expected to shed light on the connection between donors and political parties.
It is crucial for transparency and accountability in political funding to ensure a fair and democratic process. The recent developments around the electoral bonds scheme in India highlight the importance of upholding these principles in the country’s democratic system.