Hullabaloo About Electoral Bonds May End Up As A Whimper Pre And Post Poll

By K Raveendran

The big noise about electoral bonds will in all probability end up in a whimper like the investigations into the 2G spectrum scam, both of which can be compared in terms of scale and the extent of mischief. Both scams are likely to remain a dark symphony of secrecy, favours, and hidden agendas in contemporary Indian politics.

It is increasingly clear that the electoral bonds were designed as a tool to institutionalise corruption and there is little prospect of the Modi government being held accountable. The bond scheme does involve deep-seated maladies, but as the dust settles and the data unravels, it is evident that these massive corruption and quid pro quo perpetrated through the bonds will fade away in public mind and may turn out to be a non-issue even in the forthcoming elections.

The very design of electoral bonds ensures opacity. Donors remain anonymous, shielding their identities from public scrutiny. Without transparency, it becomes challenging to trace the flow of funds and establish direct links between donors and political parties. There was much sensation about the disclosure of alphanumeric serial numbers of the bonds, but even such details have failed to directly connect the donors and the recipients.

Despite occasional outrage, the average citizen’s attention span is short-lived. So, the bonds compete with a myriad of other pressing issues—economic woes, healthcare, and security. As time passes and approaches the voting day, the fervour wanes, and public pressure subsides.

Political parties across the spectrum have benefitted from the crooked system. While they may publicly decry corruption, their actions often speak louder. There is only difference in scale, every party presented with the opportunity to exploit authority and power has used it to the brim. The web of corruption woven by the bonds extends beyond party lines. Corporations, influential individuals, and politicians are entangled in a complex arrangement. Unravelling this web requires sustained effort, coordination, and unwavering commitment, all of which are missing. Reforming the electoral bond framework would require bipartisan consensus, which seems elusive given the vested interests involved. There is a clear lack of sincerity.

The BJP’s playbook involved a sinister twist. First, the government unleashes investigative agencies like the ED, CBI, and IT on targeted companies. The action, questionable in terms of real intention, although justifiable technically as the companies have committed multiple serious offences, invariably leads to donations being made to the right quarters for the company’s protection. For instance, at least 14 of the top 30 donors have faced raids. The message is clear: pay up or face the consequences. Investigations revealed that companies, post-raid, were coerced into donating to the BJP. The line between extortion and political funding blurs dangerously.

Most of those who contributed generously were engaged in businesses that were not entirely above board. The Future Gaming & Hotels, the largest donor, accounting for contributions of over Rs. 1200 crore, has been a controversial entity and the man behind it, earning the nickname Lottery King whose proximity to a powerful chief minister is a public secret, at least in some parts of the country. Raided in April 2022, the company donated Rs. 100 crores just days later.

Blatant quid pro quo arrangements have been in place, with the bonds facilitating a dangerous liaison of reciprocity. Companies that donate generously to ruling parties expect favours in return, undermining even the semblance of governance.

Megha Engineering & Infra’s is a classic case. After donating over Rs. 800 crores in electoral bonds, the company was swiftly awarded the Rs. 14,400 crore Thane-Borivali Twin Tunnel Project. Similarly, Jindal Steel and Power donated Rs. 25 crore in electoral bonds and promptly secured the Gare Palma IV/6 coal mine. The timing remains tantalisingly suspect.

Pharma companies were among the first names to come out in connection with the use or abuse, depending on which side of the fence one is, of the bonds. One of the biggest bond purchasing pharmas was Gujarat-based Torrent Pharma, which contributed most of its purchases in favour of BJP. The controversial company had been in the news in connection with the recall of a blood pressure medicine from the US after it was found tainted with a suspected carcinogen.

According to a preliminary assessment, of the Rs 945 crore bonds donated by drug firms, most went to parties ruling states with pharma units. All the companies had faced regulatory issues and the lineup included Reddy’s Lab, Covaxin maker Bharat Biotech, Micro Labs, best known for the Dolo tablet, much in demand during the Covid pandemic, which provided a great window of opportunity for drug companies to fleece public.

Parties thrive on electoral victories and the pursuit of power often trumps ethical considerations and it is indeed rare that the voters punish them for issues that operate at a higher level of democratic conscience. As for the media, the cycle keeps moving swiftly. What was headline news yesterday fades into oblivion today. Electoral bonds, despite their significance, may lose traction as newer scandals emerge. (IPA Service)

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