Just think of a system where big companies secretly give cash to the ruling parties. In return, they get huge government contracts funded with your tax money. If they refuse, agencies like ED knock on their door. This is not the story of any film. This is the real story of India’s electoral bond scheme—a huge web of scams that looted public money. Here we see three main players: the political parties in power, the big companies that donated through bonds, and the ordinary people like you and me who bear the burden as taxpayers. The simple deal was: Donate to me, and I’ll get you the business; If you don’t donate, face action from enforcement agencies.
Understanding Electoral Bond Mechanisms: Intentionally Kept Privacy
With electoral bonds, companies could buy special coupons from banks. These coupons went directly to political parties, which converted them into cash. No one outside this system knew who gave what to whom. The scheme started in 2017 under the Modi government. Finance Minister Arun Jaitley had called it a clean way to fund parties. But experts found something wrong with it from day one. Its purpose was to hide the names of donors. The parties had 15 days to cash the bonds, otherwise the cash would go to the Prime Minister’s Relief Fund. This system promised transparency but gave only darkness.
Coupon System Explained
Treat electoral bonds as anonymous gift cards for politics. A company goes to the branch of State Bank of India and gives cash. In return, they get a bond of that amount – say ₹1 million. Bond looks plain, like a simple voucher. The company gives it to any party of its choice. The party takes it back to the bank and converts it into cash from the company’s original deposit. According to the rules, the name of the buyer or seller on the bond could not be disclosed publicly. Due to this the flow of money was completely hidden. But this secrecy? It fueled real problems.
Lie revealed: Secret tracking number
Journalist Poonam Aggarwal herself tested this system. In 2019, he bought two bonds of ₹1,000 from the Parliament Branch of SBI. They looked exactly the same except for dates printed in red. No names, no details. Curious, they send a Bond for a forensic examination. In Ultraviolet Light, a hidden alphanumeric code was revealed – unique to every bond. This exposed the claims of the government. Officials had sworn in Parliament that the identity would remain a secret. Arun Jaitley had even assured the opposition parties: No one will track the donors. He said that we protect everyone, even our opponents. But that code changed everything. This meant that if anyone wanted, this system could track every donation.
Uneven Playground: Who Knew What
Bond made a one-sided game. Common people like us? We got zero information about who donated how much. Opposition parties only saw their funds – they did not know where the ruling party was getting the money. But the government had all the cards. Through SBI and the Finance Ministry, he had access to every secret code. An RTI of retired Navy officer Lokesh Batra proved this. Documents revealed that SBI needed these numbers for audit. If asked, they had to share details with agencies like ED or CBI. These investigations are no longer independent; they have become weapons in the hands of the ruling party. So, BJP knew about every donor, every amount, every target party. Cons? There were blindfolded. Public? Was guessing. It wasn’t fair play – it was a fixed setup for control.
Supreme Court Interference And Disclosure Of Data
For years this scheme continued without any restrictions. Then, brave groups opposed it. The Supreme Court intervened and called it wrong. Bonds violated basic rights and converted donations into suspicious deals. His decision brought out the truth. Data came out, which revealed cash transactions. Now, we can figure out who got the most benefit.
Challenge to the scheme: The path to being unconstitutional
The petitions of CPI(M), Common Cause and lawyer Prashant Bhushan set fire. He argued that Bonds had eroded transparency. The Court agreed on the main points. First, people have the right to know who funds the parties. Bonds had stopped it completely. Second, the donation seemed like a bribe in exchange for a favor. Companies were giving cash in the hope of profit in business. The judges considered it legal corruption. This “Chanda for Dhandha” model was a threat to democracy. Because of these fighters, the Court scrapped the scheme in 2024. After seven years of losses, the Court declared Bonds unconstitutional.
SBI’s reluctance and disclosure of data
SBI was reluctant at first. He claimed that it would take nine months to collect the records. Elections were near, so he tried to delay. The court refused – release it now. Within two days, the data arrived at the Election Commission’s site. It came in two parts: one list of buyers and money, the other of parties who took cash. But SBI did the trick. They removed the secret codes that added the list. The court reprimanded him again. Ordered to provide complete details by 21 March. Ten parties nevertheless came forward. He shared his donor list publicly. Groups like Samajwadi Party, AAP and NCP showed the way. Four others – CPI, CPI(M), Forward Bloc and CPI(ML) – never touched Bonds as a matter of principle. Salute to him for sticking to morality.
Data Snapshot: Where Bonds Went (ECI Data Analysis)
Amit Shah claimed at an India Today event that total ₹20,000 crore bonds were sold, out of which BJP got just ₹6,000 crore. The rest – ₹14,000 crore – went to opponents, he said. This is a complete lie. ECI data shows that from April 2019 to January 2024 only ₹12,700 crore were redeemed. BJP put ₹6,000 crore in its pocket—which is about half, or 47.5%. TMC came second with ₹1,600 crore (12.6%). Congress came third with ₹1,400 crore (11.1%). Then BRS ₹1,200 crore, BJD ₹700 crore, DMK ₹600 crore. Small shares went to YSRCP, TDP, Shiv Sena, and others like RJD or NCP (each one got ₹30-70 crore). Supporters of BJP say it is correct—they are the largest party with 300 MPs. But size does not justify this game. The scam happened after donation.
“Chanda-dhandha” model: evidence of quid pro quo
Just donating is not bad. Anyone can support the party. The problem starts when there are conditions attached to it. Bonds allow rulers to buy private loyalty in exchange for public cash. The Reds intimidated firms into donating. In return? Large contracts and protection. The Quint Investigates Top Donors. Of the 30 largest donors, 14 faced agency action just before they were donated. This is not a coincidence. This is extortion in the name of funding.
Element of Extortion: Reds before donation
Agencies like ED and Income Tax raided the firms, then bonds flowed. Take Future Gaming, a lottery giant. The Reds hit him hard. Soon after, he donated big. Megha Engineering also faced scrutiny – then they showered a lot of cash. Vedanta, a mining giant, did the same. Rahul Gandhi did not call Modi “extortion brother” just like that. Why chase tax evaders? Instead, deal: Pay the party, and the Reds will be over. It robs us all. Tax evasion means less money for schools, hospitals, jobs. Government regulations demand smart spending of public funds. Contracts are awarded to the best bidder on the basis of skills and not on the basis of secrets. But Bond turned it around. Firms bought Safety with our money.
Case study 1: Infrastructure Contractors
These deals were followed by poor work and deaths. Navyug Engineering got the work of Uttarakhand Tunnel. It collapsed in 2022, trapping 41 workers. The firm donated ₹55 crore in bonds during 2019-2022. In Ahmedabad, a flyover built by Ranjit Buildcon collapsed in 2021. This was the third time for him – the investigation found that there was negligence in the work. Nevertheless, he gave ₹8 crore in bonds during 2023. B. G. Shirke, Pune, saw the deaths of labourers from elevators and cranes in 2018 and 2023. There were four deaths each time. He soon after donated ₹118 crore in bonds. When donations come, life has no value. These firms charge high prices, but do substandard work. Taxpayers pay the price – in money and in blood.
Case Study 2: Irrigation Project Scam (MEIL)
Megha Engineering and Infrastructure Limited (MEIL) stands out. He spent ₹966 crore in bonds between 2019-2023. connected companies added more than ₹10,000 crore. What did they get? Kaleshwaram Irrigation Project in Telangana. ₹started at 81,000 crore, this project reached ₹1.47 lakh crore. CAG reports raised questions on this. MEIL alone earned ₹5,180 crore extras for pumps and gears. Other contractors, such as L & T, also received incorrect advantages—total ₹77,500 crore. Work started even before the complete plan was made, and tenders were given wrongly. NGT ruled green clearance illegal in 2020. BJP and Congress described BRS as corrupt in Telangana. But take a closer look. Central government gave ₹4,500 crore Zojila Tunnel Project to MEIL in 2020. This Hyderabad firm defeated big rivals. Then, a few months after bond of — 14,144 crore, ₹140 crore in Thane-Borivali Twin Tunnel₹2023 of Mumbai. In 2019, he had an IT raid, yet projects continued to be found. ₹800 crore defense deal also found in 2023. Is this just a coincidence? Not at all.
Conclusion: The looted wealth of the people
The electoral bond scam made the rich richer by snatching them from the poor. Tax money for roads and schools went to his friends. They bribed through bonds, completing the entire affair. It’s not just about cash – it’s extortion by misusing power. The public fund went out; and loyalty came in. Some parties opposed this, such as the CPI and the CPI (M), showing that principles matter. The Supreme Court revealed this, but the loss is still there. Be careful. Demand real transparency in politics. If this sounds right to you, share it – your voice can make a difference. What do you think? Comment below.
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