Why is ED not investigating money laundering in electoral bonds scheme: Sitaram Yechury

Why is the Enforcement Directorate not using the Prevention of Money Laundering Act to investigate cases pertaining to the electoral bonds, Communist Party of India (Marxist) leader Sitaram Yechury asked in an interview with The Hindu on Tuesday.

“You have clear cut cases of money laundering in the electoral bonds,” Yechury told the newspaper. “There were many firms that bought electoral bonds many times over the profits they made. There were many firms that bought electoral bonds despite making losses. Where did they get this money from? Isn’t this an open and shut case of money laundering?”

The Supreme Court had on February 15 struck down the scheme as unconstitutional and said that it could lead to quid pro quo arrangements between donors and political parties.

The court had on February 15 directed the State Bank of India to issue details of the political parties that received electoral bonds from April 12, 2019, and submit them to the Election Commission.

Analysis of data shared by the bank showed that the Bharatiya Janata Party received the lion’s share of electoral bond donations. Some of the buyers of the electoral bonds were companies that had faced raids by central agencies.

Thirty-three companies that recorded losses or no profit over seven years donated a total of Rs 581.7 crore through electoral bonds, of which Rs...

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