Electoral bonds: 3 of top 5 buyers faced ED and Income Tax probe

The Indian Express has reported that three of the top five purchasers of electoral bonds between 2019 and 2024 bought them with the Enforcement Directorate and Income Tax knocking on their door.

The three buyers are lottery company Future Gaming, infrastructure firm Megha Engineering and mining giant Vedanta.

Future Gaming and Hotels Pvt Ltd is the top purchaser of electoral bonds as per the data published by the Election Commission. It bought bonds worth Rs 1,368 crore in total.

The Indian Express reported that early in 2019 the ED began a money laundering probe against Future Gaming and by July that year it had attached assets of the company worth over Rs 250 crore belonging to the company. Future Gaming's movable assets worth Rs 409.92 crore were attached in April 2, 2022. The newspaper reported that the company bought bonds worth Rs 100 crore on April 7.

Hyderabad-based Megha Engineering is the second largest donor. It bought bonds worth Rs 966 crore in total between 2019 and 2024. The company's officer were raided by the Income Tax department in October 2019. ED also launched a probe against Megha Engineering.

The Vedanta Group is the fifth biggest donor with bonds worth Rs 376 crores. It purchased the first lot of bonds in April 2019. In 2018, ED alleged that Vedanta for involved in a bribe-for-visa case. The ED then sent a letter to the CBI leading to a corruption case against the company in 2022.

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