Country's Biggest Scam Is Electoral Bonds: SC Lawyer Prashant Bhushan

Bhopal: Supreme Court lawyer Prashant Bhushan on Saturday termed the electoral bonds as the biggest scam of the country along with stressing on a thorough probe by an independent body.

"The electoral bonds scam is the biggest scam in the country. This is a scam that needs to be investigated by an independent body. The data relating to electoral bonds that was made public indicates that large-scale transactions were done between companies and political parties. It also shows companies that bagged big projects donated huge sums of money through bonds to the ruling parties," Bhushan said in Bhopal.

A petition demanding SIT probe into electoral bonds has already been filed in the apex court.

Bhushan further said, "Electoral bonds data shows that shell companies donating crores of rupees to political parties committed money laundering on a large scale."

On February 15, 2024, the Supreme Court declared the electoral bonds scheme unconstitutional and banned further sale of electoral bonds. The apex court also cancelled the amendments made in the laws.

Bhushan said, "The Supreme Court has observed that the electoral bonds violate the voter's right to information under Article 19 (1) (a) of the Constitution. The Supreme Court also repealed the amendments made in various laws. Changes were made in the Representation of the People Act, Companies Act and Income Tax Act to allow donors to remain in complete anonymity."

The Supreme Court lawyer pointed out that the RBI and the Election Commission have also highlighted the dangers of the scheme. "Various authorities, including the RBI and the Election Commission, have highlighted the dangers of the scheme, saying it will adversely impact transparency, increase money laundering and encourage funding through shell companies," he added.

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