Congress leader Abhishek Manu Singhvi’s recent accusations against the BJP have ignited a political firestorm, with new revelations about the alleged misuse of the electoral bonds scheme by the ruling party. The FIR filed against Union Finance Minister Nirmala Sitharaman and several BJP leaders marks a significant moment in this ongoing controversy, with Singhvi and fellow Congress leaders calling for her resignation and a comprehensive investigation.
In a press conference held on September 29, Singhvi unleashed a barrage of criticisms aimed at the BJP, specifically implicating Sitharaman in what he described as a “sinister” and “extortionist” scheme. According to Singhvi, the electoral bonds—which were initially designed to bring transparency to political donations—were used to facilitate large sums of money flowing through shell companies and other dubious channels. He claims that many firms, some under investigation by the Enforcement Directorate (ED), managed to ease their legal troubles by purchasing electoral bonds, a system allegedly abused for over Rs 8,000 crore.
Singhvi laid out a detailed pattern, suggesting that these firms would face raids by the ED, only to see their cases slow down or disappear entirely after purchasing electoral bonds. He cited a particular instance where a company allegedly bought bonds worth Rs 500 crore, after which its legal issues with the ED were mysteriously resolved. This allegation points to a deeper nexus between the BJP and certain corporate entities, raising questions about whether the ruling party used its influence to manipulate law enforcement for financial gain.
Jairam Ramesh, another senior Congress leader, further elaborated on the issue, breaking down the BJP’s alleged strategy into four distinct methods. According to Ramesh, the party benefited through a “prepaid” system—where companies would pay in advance in exchange for political favours—and a “postpaid” system, where businesses would secure government contracts or other benefits after making donations. Additionally, he referred to a “post-raid” mechanism, where firms facing ED scrutiny would make donations in return for leniency. Finally, Ramesh accused the BJP of using shell companies to launder money through the electoral bond scheme.
Ramesh and Singhvi have both demanded not only the resignation of Sitharaman but also the formation of a Special Investigation Team (SIT) and a Joint Parliamentary Committee (JPC) to probe the entire electoral bond scheme. The Congress party argues that the scheme, which was already scrapped by the Supreme Court in February 2024, has long been a tool for financial manipulation by the ruling party.
The accusations have put immense pressure on Sitharaman, who is now facing an FIR ordered by a Bengaluru court after a petition by Adarsh Iyer of the Janadhikar Sangharsh Parishad (JSP). The petition accused her and other BJP leaders of extortion under the guise of electoral bonds. The court directed the Bengaluru police to file the FIR, marking a significant development in the ongoing investigation.
This case not only raises questions about the integrity of the electoral bond system but also highlights the broader issues of political corruption and the influence of money in Indian politics. The Congress’s attack on the BJP’s alleged misuse of this scheme reflects a deeper concern about the transparency of political donations and the role of corporate money in shaping the country’s political landscape.
While the BJP has yet to respond to these specific accusations, the case is likely to escalate in the coming weeks. As the investigation unfolds, the demand for greater scrutiny into the electoral bonds scheme could gain momentum, potentially leading to legal and political ramifications for the ruling party.
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For now, the focus remains on Sitharaman and whether she will step down amidst growing calls for her resignation. The controversy has brought renewed attention to the intersection of politics and corporate money, shining a light on the mechanisms through which influence and power are wielded in modern Indian politics.