In some cases, a chunk of the bonds were bought by these firms in the days following searches
An analysis of firms which feature among the top purchasers of electoral bonds throws up many curious patterns. One of the common links is that a significant number of companies in the top donor list were under the Enforcement Directorate’s or the Income Tax (I-T) department’s scanner at some point of time in the past five years. In some cases, a chunk of the bonds were bought by these firms, in the days following such searches.
The Future Gaming and Hotel Services PR was the largest donor to political parties via the electoral bond route, with a cumulative sum of ₹1,368 crore. In May 2023, the ED had carried out searches at the residence of Santiago Martin in Chennai, the well-known lottery magnate and the Managing Director of the company. The ED had also conducted searches at the business premises of the company in Coimbatore under the provisions of the Prevention of Money Laundering Act (PMLA). A year earlier, on April 2, 2022, the ED had attached movable assets worth ₹410 crore under the PMLA in the case of lottery scam against the company and its subsidiaries. Interestingly, five days later, on April 7, 2022, the company made a significant purchase of electoral bonds worth ₹100 crore, marking one of their largest transactions on a single date. Of the ₹1,368 crore worth bonds purchased by the company, 50% were done before the ED searches and 50% after the searches.