New Delhi: Fresh data disclosed by the Election Commission (EC) on electoral bonds on March 21 has shown that several parties, including the ruling Bharatiya Janta Party (BJP), received funds from companies marked ‘high risk’ by the Union ministry of finance in 2018 for violating rules under the Prevention of Money Laundering Act (PMLA).
Significantly, one of these companies which has continued to be termed a ‘high risk financial institution’ for violating the PMLA by the ministry in 2018, 2019, 2021 and 2022, had pumped funds into the BJP.
The March 14 disclosures by the EC had showed that 19 of the 9,4,91 Non Banking Financial Companies (NBFCs) categorised as ‘high risk’ by the Ministry’s Financial Intelligence Unit (FIU) in 2018 had bought electoral bonds to fund political parties. Sixteen of these companies were found to be registered in Kolkata, including in places like Lal Bazar, infamous for shell companies.
Interestingly, while 18 of those companies mentioned in the March 14 disclosure of the EC vanished from the FIU’s subsequent annual list of ‘high risk financial institutions’ for violating rules under the PMLA, one company continued to feature in it till 2022.
Renuka Investment Finance Limited
That company, Renuka Investment Finance Limited, registered in Uttar Pradesh’s Sonbhadra, bought electoral bonds worth Rs 5 crore on April 12, 2019.
The EC’s March 21 data has shown that it had funnelled the entire sum to the BJP.
Kamna Credits and Promoters Pvt. Ltd.
This company, like the rest of the 17 firms listed below, also featured in the 2018 list of the FIU for “non-compliance with PMLA and PML rules i.e., non-registration of principal officers”.
On January 4, 2022, this Kolkata-based company bought electoral bonds worth Rs 11.5 crore for Congress; Rs 7 crore for Bharat Rashtra Samithi (BRS); Rs 6 crore for All India Trinamool Congress (AITC); Rs 5 crore for the Biju Janata Dal (BJD); and Rs 1 crore for the BJP.
Innocent Merchandise Pvt Ltd.
Yet another ‘high-risk’ company named by the ministry’s watchdog unit in 2018 for violating PMLA rules was Innocent Merchandise Pvt Ltd.
Also a Kolkata-based company, it had picked up electoral bonds worth Rs 25 lakh for the AITC on April 12, 2019.
Almighty Finance and Investment Pvt. Ltd.
This too is a Kolkata-based company. It had purchased electoral bonds worth Rs 30 lakh on July 5, 2019 for the AITC.
Arihant Enterprises Ltd.
Arihant Enterprises Ltd is also a Kolkata-based company; it had bought electoral bonds for Rs 40 lakh on April 12, 2019, a day after the first phase of the 2019 general elections was completed. The EC’s latest data has held up that it had donated the entire sum to the BJP.
Asish Finance Pvt. Ltd.
This is also a Kolkata-registered company. It bought electoral bonds worth Rs 7 crore out of which Rs 5 crore went to the AITC, and the rest (Rs 2 crore) to the Congress.
Authum Investment & Infrastructure Limited
A Mumbai-registered company, it purchased electoral bonds for Rs 10 crore on April 7, 2022. Several assembly elections and bye-elections were held across different states, including in Gujarat and Himachal Pradesh, after April 2022.
On January 24, 2023, it again bought bonds for Rs 15 crore. Between 2022-23, it purchased bonds worth Rs 25 crore.
The EC’s record now shows that the entire amount of Rs 25 crore went to the BJP.
Bansal Business Pvt. Ltd.
Yet another Kolkata-based company, it acquired electoral bonds for Rs 50 lakh on January 3, 2022 for the Congress.
Clix Securities Pvt. Ltd.
This is also a Kolkata-registered company; it had bought electoral bonds on January 3, 2022 worth Rs 35 lakh for the Congress.
Crochet Trade and Investment Ltd.
Registered in Kolkata’s Lal Bazar area, Crochet Trade and Investment Ltd. had picked up electoral bonds on October 8, 2021 and July 7, 2023. The EC data shows it had donated Rs 2 crore to the AITC, and then again Rs 1.5 crore to the party.
Jupiter Merchantile Pvt. Ltd.
Also a Kolkata-based company, it purchased bonds worth Rs 25 lakh on April 17, 2019. However, the data uploaded by the EC on its website on March 21 doesn’t show to which party the amount went.
Lifeline Marketing Pvt. Ltd.
Another Kolkata-based company, it bought electoral bonds worth Rs 1 crore for the AITC, and Rs 1 crore for the Congress.
Manu Vyapar Pvt. Ltd.
Also registered in Kolkata, this company picked up electoral bonds for three parties – Rs 2 crore worth of bonds for the BJD, Rs 2 crore worth for the Congress, and Rs 1 crore worth for the AITC.
Pluto Finance Pvt. Ltd.
This Kolkata-based company bought bonds from the State Bank of India (SBI) worth Rs 24 lakh on July 6, 2021.
On January 4, 2024, it picked up more bonds worth Rs 25 lakhs.
A day later, it picked yet more bonds, worth Rs 50 lakh. Between 2021 and 2024, it had purchased bonds for Rs 99 lakh.
The March 21 data shows the entire sum went to AITC.
Ramoli Dealer Pvt Ltd.
Ramoli Dealers is also a Kolkata registered company. It had purchased electoral bonds for Rs 25 lakh on January 3, 2022 for the Congress.
Rani Sati Mercantile Pvt. Ltd.
A Kolkata company, it bought electoral bonds for Rs 30 lakh on October 5, 2021.
Again, it purchased bonds on January 6, 2024 for Rs 75 lakh. In all, it had picked bonds for Rs 1.05 crore. The entire sum was pumped into funding the AITC.
Right Aid Consultants Pvt. Ltd.
This Kolkata Lal Bazar company too bought electoral bonds. On October 8, 2021, it picked up bonds worth Rs 1.5 crore for the AITC.
On July 10, 2023, it bought more bonds worth Rs 1.5 crore for the BRS.
Silvertone Securities Pvt. Ltd.
This too is a company registered in Kolkata’s Lal Bazar. It purchased electoral bonds worth Rs 2 crore for AITC; Rs 1.2 crore for the BJD; and Rs 30 lakh for BRS.
Sreenath Finvest Pvt. Ltd.
This Kolkata-based company purchased bonds for Rs 10 lakh on July 7, 2021.
On January 7, 2022, it bought Rs 20 lakh worth bonds.
In all, it purchased electoral bonds for Rs 30 lakh. The entire sum went to the Congress.
Sudha Commercial Company Ltd.
Also a Kolkata-registered company, it acquired electoral bonds for Rs 30 lakh on April 20, 2019. However, the March 21 data doesn’t show which political party it funded.
Sweta Estates Pvt. Ltd.
Registered in Aero City, Delhi, this company bought electoral bonds for Rs 2 crore in two lots on April 16, 2019 for the BJP.
Curious case of ABC India Ltd
Interestingly, in 2018, the FIU had named a Kolkata-based company, ABC Financial Services Ltd, as one of the ‘high-risk’ NBFCs for violating the anti-money laundering Act. In the electoral bonds data revealed by SBI, a company with a similar name – ABC India Ltd – bought electoral bonds. On April 12, 2019, it bought bonds worth Rs 40 lakh. The EC data shows that the money went to the BJP.
ABC India Ltd is also registered in Kolkata. The Ministry of Corporate Affairs’ documents show that ABC Financial Services Ltd and ABC India Ltd have the same registered postal address in Kolkata and a common director.
