Data reveals several companies purchased Electoral Bonds days, weeks after ED/IT raids
New Delhi: A comprehensive examination of the top purchasers of electoral bonds has unearthed intriguing correlations, indicating a pattern of financial transactions connected with legal scrutiny. Among these, several companies have come under the radar of investigative agencies such as the Enforcement Directorate (ED) and the Income Tax Department (ITD) over the past five years. Notably, a significant proportion of their electoral bond acquisitions occurred in the aftermath of such inquiries.
A prime example is Future Gaming and Hotel Services PR, which emerged as the foremost contributor to political parties through electoral bonds, totaling an astounding ₹1,368 crore. In May 2023, the ED conducted searches at the residence of Santiago Martin, the renowned lottery magnate and managing director of the company, in Chennai. Simultaneously, the ED also raided the business premises of Future Gaming in Coimbatore under the Prevention of Money Laundering Act (PMLA).
A year prior, in April 2022, the ED had attached movable assets worth ₹410 crore under PMLA in connection with a lottery scam involving the company and its subsidiaries. Intriguingly, just five days after these developments, on April 7, 2022, Future Gaming executed a substantial purchase of electoral bonds amounting to ₹100 crore, marking one of their most substantial transactions on a single date. It is noteworthy that half of Future Gaming's ₹1,368 crore worth of bond acquisitions occurred before the ED searches, with the remaining half following these events.
Similarly, the trio of Keventer Food Park Infra Ltd., MKJ Enterprises Ltd., and Madanlal Ltd., registered at the same address in Kolkata, West Bengal, raised eyebrows with their contributions exceeding ₹573 crore collectively. Of this sum, Keventer Food Park Infra Ltd. alone donated ₹195 crore in three tranches between April and May 2019, while Madanlal Ltd. disbursed ₹185 crore between May 8 and 10, 2019.
These entities share a common director, Siddharth Gupta, though they were incorporated in different years. The Keventer group's involvement in electoral bond transactions adds intrigue, especially considering its history of controversy. The sale of the West Bengal government's stake in Metro Dairy to Keventer Agro Limited in 2017, followed by a subsequent equity infusion from a Singapore-based private equity fund, sparked allegations of undervaluation and impropriety. These allegations culminated in a PIL filed by West Bengal Congress unit chief Adhir Ranjan Chowdhury in the Calcutta High Court in 2018, prompting an ED investigation and subsequent IT searches at the premises of Keventer Agro Limited in February 2021.
Meanwhile, the Yashoda Super Specialty Hospital Group in Hyderabad found itself under the IT department's scrutiny in December 2020, prompting multiple bond acquisitions totaling ₹162 crores between October 2021 and October 2023.
Aurobindo Pharma faced its own troubles when its director, Sarath Reddy, was arrested by the ED in November 2022, alleging involvement in irregularities related to Delhi's liquor policy. Despite this, the company proceeded to purchase electoral bonds worth ₹52 crore between April 2021 and November 2023, with ₹30 crore transacted post Reddy's arrest.
Similarly, Shirdi Sai Electricals Limited faced IT searches in December 2023, shortly before acquiring bonds worth ₹40 crore in January 2024.
Lastly, real estate developer Kalpataru Projects International confronted IT searches in August 2023, yet managed to purchase electoral bonds worth ₹25.5 crore between April and October 2023.
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KKR defeat LSG via Super Over
Lucknow (PTI): Kolkata Knight Riders edged Lucknow Super Giants via Super Overs in a battle between two bottom-placed teams in the IPL, here on Sunday.
Chasing a modest 156, LSG suffered a batting collapse and managed to tie the contest and take it to Super Over with No. 9 Mohammed Shami striking a last-ball six against a wayward Kartik Tyagi, who leaked 16 runs in the final over.
But Sunil Narine bowled a stunning Super Over conceding just one run and taking two wickets to give KKR an easy target.
Rinku Singh then finished the chase with a boundary off first ball from Prince Yadav.
Earlier the KKR were in deep trouble with 93/7 in 15 overs but Rinku smashed a sensational 83 not out from 51 balls including four sixes in a row in the final over to lift them to 155/7.
Cameron Green (34) was the only other batter to reach double-digit scores as KKR suffered a familiar batting meltdown with Mohsin taking his maiden fifer.
In reply, LSG continued their dismal show with the bat to succumb to their fifth loss in a row.
Brief Scores:
Kolkata Knight Riders 155/7; 20 overs (Rinku Singh 83 not out, Cameron Green 34; Mohsin Khan 5/23). Lucknow Super Giants 155/8; 20 overs (Rishabh Pant 42). KKR won via Super Over.
