'Electoral Bond Issue Biggest Scam In World': Parakala Prabhakar Says BJP Govt Will Be 'Severely Punished'

Parakala Prabhakar said that the electoral bond matter would escalate further in importance beyond its current state.

Parakala Prabhakar said that the electoral bond matter would escalate further in importance beyond its current state. ( Image Source :PTI, Instagram )

New Delhi: Parakala Prabhakar, a distinguished economist and the husband of Union Finance Minister Nirmala Sitharaman, expressed his views on the controversial issue of electoral bonds, suggesting that it will have significant repercussions for the ruling Bharatiya Janata Party (BJP) in the upcoming Lok Sabha elections.

Prabhakar, in an interview with Reporter TV, said that the electoral bond matter would escalate further in importance beyond its current state and stated that the public is increasingly realising that it is not only India's but also the world's most significant “scam”. Prabhakar predicted that as a consequence of this issue, the government will face severe electoral consequences.

Speaking to Reporter TV, he said, “The electoral bond issue will gain much more momentum than what it is today. It will become a major issue. Everybody is now understanding that it is not only the biggest scam in India but is the biggest scam in the world. Now the fight is not between two alliances but between the BJP and the people of India. It has already spun out of the control of the BJP and the BJP government. Because of this issue, this government will be severely punished by the electorate.”

"Electoral bond scam is not just the biggest scam in India but the biggest scam in the world. After electoral bond corruption became public, now the fight is not between two alliances but between the BJP and the people of India."
-Parakala Prabhakar, economist & FinMin Nirmala… pic.twitter.com/awoyDRhAtp

— Congress Kerala (@INCKerala) March 27, 2024

Following directives from the Supreme Court, the Election Commission of India (ECI) published data on electoral bonds on its official website. According to this data, BJP led by Prime Minister Narendra Modi emerged as the primary beneficiary of electoral bonds, receiving Rs 6,986.5 crore between April 12, 2019, and February 15, 2024. Trinamool Congress, the ruling party in West Bengal, followed with Rs 1,397 crore, while the Congress received Rs 1,334 crore, and the Bharat Rashtra Samithi (BRS) received Rs 1,322 crore.

In February, the Supreme Court invalidated the Electoral Bond Scheme initiated by the Central Government, which allowed anonymous funding to political parties. The court's ruling mandated the State Bank of India (SBI) to cease the issuance of Electoral Bonds immediately.

Meanwhile, the Opposition has consistently accused the BJP of benefiting disproportionately from the electoral bonds, with allegations of the ruling party reciprocating through quid pro quo arrangements with corporates.