(MENAFN) In a scandal rocking India's political landscape, a company owned by Santiago Martin, known as the 'Lottery King,' has emerged as the leading political donor in the country. Future Gaming and Hotel Services, owned by Martin, reportedly cashed in a staggering cumulative amount of $165 million as part of the controversial electoral bonds scheme, according to data released by the Election Commission.
The electoral bonds scheme, initially introduced to enhance transparency in political funding, has come under scrutiny for facilitating anonymity for donors. Under this scheme, donors could purchase bonds in fixed denominations of up to USD121,000 from government-run branches of the State Bank of India and donate them to political parties, effectively shielding their identities.
Data revealed by the Election Commission indicates that the ruling Bharatiya Janata Party (BJP) has been the primary beneficiary of the scheme, receiving nearly half of the total bonds valued at approximately USD1.4 billion donated between 2018 and 2024. The All India Trinamool Congress (TMC) and the Congress party also received significant sums, raising concerns about the influence of undisclosed donors on India's political landscape.
The revelation of Martin's company topping the list of political donors underscores the extent of the scandal surrounding the electoral bonds scheme. Critics argue that the scheme has undermined transparency in political funding and raised questions about the influence of wealthy individuals on policymaking.
In response to mounting criticism, India's Supreme Court recently intervened, banning the electoral bonds scheme and ordering the Election Commission to disclose information about the donations. The release of bond data by the government-run State Bank of India has shed light on the extent of political donations made under the scheme, prompting calls for greater accountability and transparency in India's electoral processes.
As the scandal unfolds and investigations continue, there are growing calls for comprehensive reforms to address the loopholes in India's political funding system and restore public trust in the democratic process. The exposure of Martin's company as a major political donor highlights the urgent need for transparency and accountability in India's political financing mechanisms.
MENAFN19032024000045015687ID1107995132
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.