Renowned economist Parakala Prabhakar has projected that the "electoral bond issue" will cost the ruling Bharatiya Janata Party (BJP) heavily. Prabhakar, the husband of Union Finance Minister Nirmala Sitharaman, told news channel Reporter TV, "The electoral bond issue will gain much more momentum than what it is today. Everybody is now understanding that it is not only the biggest scam in India but is the biggest scam in the world. Because of this issue, this government will be severely punished by the electorate".
The BJP has remained the major beneficiary of the electoral bonds as per the data available on the official website of the Election Commission of India.
The BJP received the maximum funds via electoral bonds at ?6,986.5 crore between April 12, 2019, and February 15, 2024, followed by West Bengal's ruling party Trinamool Congress ( ?1,397 crore), Congress ( ?1,334 crore), and Bharat Rashtra Samithi ( ?1,322 crore).
India Reveals Biggest Donors to Modi's Party Under Now-Banned Electoral Bond
The Supreme Court, in a ruling in February, struck down the Prime Minister Narendra Modi-led Centre's Electoral Bond Scheme, which allowed for anonymous funding to political parties, and ordered the State Bank of India to stop issuing electoral bonds immediately.
According to civil society activists, 41 companies facing probe by the CBI, ED, and the income tax department gave ?2,471 crore to the BJP through electoral bonds, and ?1,698 crore of it was donated after raids by these agencies.
Electoral bonds: 41 firms under CBI, ED, IT scanner donated ?2,471 cr to BJP
"Future Gaming gave ?60 crore to the BJP within three months of I-T and ED raids on November 12, 2023, and December 1, 2021, respectively. Aurobindo Pharma gave ?5 crore to the BJP within three months of the ED raid on November 10, 2022," senior advocate Prashant Bhushan said last week.
Electoral bonds: How giant donors timed their political funding
After the disclosures, the opposition parties have dubbed the electoral bonds as legalised corruption, while the BJP has said scrapping the bonds could lead to the return of black money in politics.