Election Commission discloses Electoral Bonds data shared by SBI

The Election Commission of India disclosed details on electoral bonds shared by the State Bank of India, revealing Coimbatore-based Future Gaming as the top donor. 23 companies accounted for half the total value of bonds, with Future Gaming and Hotel Services Pvt Ltd emerging as the top buyer.

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The list published by ECI gave details of bonds worth ₹12,155.51 crore that were purchased by over 1,300 companies in nearly five years.

Future Gaming and Hotel Services PR are a top buyer

Future Gaming and Hotel Services PR, whose managing director is the well-known lottery magnate Santiago Martin, was the single largest donor to political parties between April 12, 2019, and January 24, 2024, according to the electoral bonds data released by the State Bank of India and published by the Election Commission of India on March 14, on the orders of the Supreme Court.

The firm donated a cumulative sum of ₹1,368 crores through electoral bonds during this period. Incidentally, the Enforcement Directorate had attached ₹411 crores in the bank accounts of this firm and other companies in March 2022 and had later filed a prosecution complaint against it under the Prevention of Money Laundering Act, 2002 before the PMLA Court, Kolkata on September 9, 2023.

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Political parties encashed Bonds

Among parties, the Bharatiya Janata Party encashed electoral bonds worth ₹6,060.5 crore — the highest among all parties — within this period. In fact, the BJP’s share of the total bonds encashed by parties was over 47.5%.

The All India Trinamool Congress received ₹1,609.50 crore (12.6%) via this route, followed by the Congress, which received ₹1,421.9 crore (11.1%), the second and third biggest parties in terms of encashment during the period. The Bharat Rashtra Samithi (9.5%), Biju Janata Dal (6.1%), and Dravida Munnetra Kazhagam (5%) were the other parties which encashed more than ₹500 crore worth of electoral bonds during this period.

top 10 donors to political parties:

Future Gaming and Hotel Services PR – ₹ 1,368 crore
Megha Engineering & Infrastructures Ltd – ₹ 966 crore
Qwik Supply Chain Pvt Ltd – ₹ 410 crore
Vedanta Ltd – ₹ 400 crore
Haldia Energy Ltd – ₹ 377 crore
Bharti Group – ₹ 247 crore
Essel Mining & Industries Ltd – ₹ 224 crore
Western UP Power Transmission Company Ltd – ₹ 220 crore
Keventer Foodpark Infra Ltd – ₹ 195 crore
Madanlal Ltd – ₹ 185 crore

State Bank of India (SBI) said the data pertains to electoral bonds purchased and redeemed between April 12, 2019 and February 15, 2024. A total of 22,217 bonds were bought during this period, SBI had told the Supreme Court.

“In compliance of Hon’ble Supreme Court’s directions, contained in its order dated Feb 15 & March 11, 2024 (in the matter of WPC NO.880 of 2017), the State Bank of India (SBI) had provided the data pertaining to the electoral bonds to the Election Commission of India (ECI) on March 12, 2024. The Election Commission of India has today uploaded the data on electoral bonds on its website as received from SBI on ‘as is where is basis’,” the ECI said in a statement.

The information uploaded on the ECI website showed that the SBI shared two sets of data: one with the name of the purchaser of each electoral bond, the date of purchase, and the denomination of the bond; and another with the name of the political party, date and denomination of bonds encashed.

The data supplied by SBI does not include the serial numbers of the bonds.

Challenges of Electoral Bond

Why was the Electoral Bond Challenged? As per the Money Bill 2017, all the political Parties have to reveal the names of donors who donate more than Rs 20,000 in cash. However, the donor name has not been revealed if the donation is through the Electoral Bonds, irrespective of the amount donated.

Social media blame game started after ECI published data

War of words and social media blame game started after Election Commission of India published the Electoral Bonds data shared by State Bank of India after intervention of honourable Supreme Court of India . user of social media X flooded with reaction . one user name Reshma Alam wrote in her social media handle X that This man will be remembered as the most corrupt PM of India .

This man will be remembered as the most Corrupt PM of India! pic.twitter.com/MKZB29fxhQ

— Reshma Alam (@Reshma_alamD) March 14, 2024

Another user responded within same thread that Modi: 10 years PM, headed for another 5 years, received 6000 crores donation is considered corrupt Rahul: 10 years out of power with no chance of coming to power, still receives over a 1000 crores and he is honest.