MUMBAI: India’s largest known political donor is a lottery company which has been the subject of fraud and tax evasion probes, according to data published weeks before national elections.
The election commission published late Thursday a list detailing buyers of electoral bonds, a controversial funding scheme that has helped Prime Minister Narendra Modi’s party build an immense campaign war chest dwarfing its rivals.Electoral bonds account for the lion’s share of political donations in India but the country’s Supreme Court ruled them illegal last month, saying the scheme violated the right of voters to know who was financing their representatives.
Since 2011 Martin and his company have been subject to several investigations on suspicion of unpaid income tax, money laundering and fraud, according to media reports.Before the electoral bonds scheme was struck down, critics said it reduced transparency by leaving the public unable to scrutinise whether donors had received political favours in return for their cash. Santiago Martin
The electoral bonds data confirmed that Modi’s ruling Bharatiya Janata Party was far and away the biggest beneficiary of the scheme, receiving $730 million or around 47 percent of total bonds cashed. Nirmala Sitharaman, Modi’s finance minister, said Friday that any suggestion of a link between criminal investigations and political donations was based on “huge assumptions”.
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