'Joining the dots': Electoral Bonds Data Analysis reveals 10 out of 25 top donors faced Central Agencies' actions

The Election Commission of India (ECI) on Thursday night uploaded SBI's Electoral Bond Data on its website on the Supreme Court of India's direction. SBI's appeal to postpone the release of Electoral Bond Data was quashed by the apex court forcing India's biggest bank to release the list of donors & entities who donated to political parties in the form of bonds. With Lok Sabha Elections in the backdrop, Electoral Bond Date revelations have sent the entire India into a curious state of mind and many are joining the dots and linking to various political parties who accepted the donations and a few months later the company secured mega deals with either the Central or the State Government. With Rs 6061 crore BJP ranks top in terms of highest donations in the form of electoral bonds followed by Trinamool Congress (TMC), Congress, BRS, BJD, DMK, etc. Notably, netizens on social media are joining the dots on how the top donors faced central agencies' action and later they secured a mega deal with the government. Below is a brief Electoral Bond Scheme analysis- 

Electoral Bond Scheme Analysis

1. Future Gaming and Hotel Services: Run by 'lottery kind' Santiago Martin, the firm donated Rs 1368 crore between 27 October 2020 and 5 October 2023 as revealed by Electoral bond data. Interestingly, in 2022, the Enforcement Directorate (ED) attached assets of the company and its various sub-distributors worth over Rs 409 crore in a money laundering case.
2. The second on the list is Megha Engineering and Infrastructure Limited. Megha Engineering and Infrastructure Limited donated approx Rs 966 crore. Interestingly, in October 2019, the Income Tax department carried out raids at multiple offices of Telugu tycoon Krishna Reddy’s Megha Engineering Infrastructure Limited (MEIL) in Hyderabad and other cities. In April 2023, the firm donated Rs. 140 crore, and just one month later, they were awarded the Rs. 14,400 crore Thane-Borivali Twin Tunnel Project. 
3. Hadlia Energy Limited is number 4 in the electoral bonds list. As per the Electoral Bond Data, Haldia Energy donated Rs 377 crore in electoral bonds. Interestingly, it also faced action by the CBI in March 2020. Interestingly, Sanjeev Goenka’s Haldia Energy Limited purchased Electoral Bonds for over Rs 350 crore until January 2024. They started buying bonds on a larger scale after CBI's crackdown.
4. Vedanta Limited is fifth on the list of SBI, however, it is the fourth company that faced central agencies' crackdown. A Vedanta Group company Talwandi Sabo Power Ltd (TSPL) was raided by the ED in connection with a money laundering probe in August 2022. The group has collectively donated Rs 400 crore in electoral bonds.
5. Yashoda Super Speciality Hospital is officially 11th on the SBI's list, however, it also faced a similar kind of scrutiny by the central agencies. Yashoda Super Speciality is a Hyderabad-based corporate hospital chain and it was raided by Income Tax (IT) officials in December 2020. It donated Rs 162 crore in electoral bonds in October 2021.
6. DLF Commercial Developers Limited is 13th on the list. DLF Commercial Developers' purchasing pattern of EB is same as many companies. The company donated Rs 130 crore in electoral bonds. It was raided by CBI officials in January 2019 over alleged irregularities in the allocation of land. Not only this, in November 2023, the ED searched its Gurugram offices in connection with an investigation against real estate firm Supertech.
7. Jindal Steel and Power Limited is at number 15 on the SBI list. Jindal Steel and Power Limited also came under the central agency's scanner. In April 2022, ED searched premises of Jindal Steel and Power Limited in connection with a probe linked to an alleged violation of foreign exchange regulations. The company donated a total of Rs 123 crore in electoral bonds.
8. Chennai Greenwoods Private Limited is at number 19 on the SBI list of top EB donors. Chennai Greenwoods Private Limited is a construction firm and it was raided by Income Tax officials in July 2021. In January 2022, it donated Rs 105 crore in electoral bonds.
9. Dr Reddy's Laboratories Limited is at number 23 on the SBI list in terms of top EB donors. Dr Reddy's Laboratories Limited also faced the central agencies' crackdown. To be precise, in November 2023, IT officials conducted raids on Dr K Nagender Reddy of Dr Reddy's Laboratories over allegations of tax evasion. This was part of a larger operation involving searches at the premises of Telangana Education Minister Sabitha Indra Reddy. Dr Reddy's Laboratories had till then made donations worth Rs 80 crore in electoral bonds.
10. IFB Agro Industries Limited is at number 21 on the SBI list. IFB Agro Industries Limited is among India's biggest distiller and spirit-makers. In June 2020, IFB Agro Industries Limited alleged that the Kolkata Zonal Unit of the Directorate General of Goods and Services Tax Intelligences (DGGST) raided the company's Noorpur plant. In 2023, a senior company executive claimed that it donated Rs 40 crore in electoral bonds 'as per our instructions from the government.' As per data released by the EC, IBF Agro has donated a total of Rs 92 crore in electoral bonds. The then West Bengal governor Jagdeep Dhankhar had stepped in and told the TMC government to create a conducive climate for investment in the state.

Read the Full Electoral Bonds List