Over 75% of leading electoral bond donors to BJP, Cong, TMC, BJD, and BRS never donated before bonds era

Analysing this data, along with the annual audit reports and contribution reports submitted by the political parties to the EC, The Indian Express shortlisted the top 30 donors of each of the five parties. These 30 accounted for more than half of the total bonds redeemed between April 12, 2019 and February 15, 2024, when the Supreme Court scrapped the scheme.

According to the analysis, while the poll bonds scheme was a game changer for TMC, BJD and BRS — their collections rose at least 16 times more than the pre-bonds era — none of the top 30 donors of TMC and BJD had directly given funds to them in the five years before the scheme.

For BJP, only seven of its top 30 poll bond donors — Infina Finance; United Phosphorous; Torrent Pharma; Torrent Power; Modern Road Makers; Navayuga Engineering;      Laxmi Civil Engineering — previously contributed to it between 2013-14 and 2017-18. Its biggest bond donor, Megha Group, did not figure in these seven.

Also, these seven collectively contributed Rs 50 crore to the BJP in the five years before the bond scheme. Via bonds, their total donation was Rs 350 crore (see chart 1).

In the case of Congress and BRS, only two of their largest respective poll bond donors had contributed to them before the scheme began. Again, Megha Group, which was the top donor for these two parties as well, did not figure among the two previous contributors.

For the Congress, the party’s two previous contributors, Torrent Power and Nirma Ltd, collectively gave Rs 3 crore to the party in the five years before the bonds. Via bonds, it was Rs 30 crore.

Similarly, for BRS, Hetero Drugs and Aurobindo Pharma gave Rs 1.75 crore to the party in the five years before the bonds. Via bonds, they collectively donated Rs 45 crore.

Apart from the previous contributors cited above, some other top bond donors of BJP and Congress, too, had contributed to them before the poll bond scheme was launched — but it was not direct. It was  done through electoral trusts, which eventually gave money to these two parties.

For instance, in Congress’s case, three of its top 30 donors — JK Lakshmi Cement, Torrent Power and Haldia Energy — donated to electoral trusts, which in turn donated to the party, between 2013-14 and 2017-18.

In the case of the BJD, however, its poll bond donors Ultratech Cement and Grasim Industries did give funds to electoral trusts in the pre-bond era, but there’s no way to establish if the money was received by the BJD.

A single electoral trust can, and does, donate to several parties, making it impossible to match a specific donor with a specific recipient.