The Election Commission of India (ECI) has met the Supreme Court’s deadline by publishing data on electoral bonds, shedding light on the controversial practice of political funding in the country. However, the revelations have sparked concerns over transparency and potential influence peddling.
Among the significant findings, India’s leading lottery company, helmed by the contentious businessman Martin Santiago, emerged as the top purchaser of electoral bonds. This revelation has drawn sharp scrutiny, particularly given Santiago’s past associations and ongoing controversies surrounding his company’s financial activities.
Following closely behind is the Megha group of companies, comprising Megha Engineering & Infrastructures Limited (MEIL) and Western U.P. Power Transmission Company Ltd (WUPPTCL), which has raised eyebrows with its substantial contributions to electoral bonds. MEIL’s purchased 966 bonds, each worth Rs 1 crore, totaling Rs 966 crore, along with WUPPTCL’s acquisition of bonds worth Rs 220 crore.
The Megha group is headquartered in Hyderabad and has won several government projects, including many works part of the Rs 1.15 lakh crore Kaleshwaram Lift Irrigation Project in Telangana, and the Rs 14,400 crore Thane-Borivali Twin Tunnel Project in Maharashtra.
MEIL was also the largest donor to Prudent Electoral Trust in 2022-23, contributing Rs 83 crore to the trust that distributes money to political parties.
