Electoral Bond issue biggest scam in the world: Parakala Prabhakar predicts severe consequences for BJP

In a recent interview with Reporter TV, Parakala Prabhakar, a renowned economist and the husband of Union Finance Minister Nirmala Sitharaman, shared his insights on the escalating controversy surrounding electoral bonds.

Prabhakar emphasised that the issue would have profound implications for the ruling Bharatiya Janata Party (BJP) in the upcoming Lok Sabha elections, as per reports by ABP and Mint.

Expressing his views on the matter, 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,” the reports added.

The controversy surrounding electoral bonds intensified following directives from the Supreme Court, which mandated the Election Commission of India (ECI) to disclose data on electoral bonds on its official website.

According to the published data, the BJP, led by Prime Minister Narendra Modi, emerged as the primary beneficiary of electoral bonds, receiving a staggering Rs 6,986.5 crore between 12 April, 2019, and 15 February, 2024.

In a significant blow to the BJP-led Central government, the Supreme Court invalidated the Electoral Bond scheme in February, which allowed anonymous funding to political parties.

The Opposition has consistently accused the BJP of disproportionately benefiting from electoral bonds.

Will the repercussions of this issue potentially influencing the outcome of the upcoming polls?

Meanwhile, Finance Minister Nirmala Sitharaman made headlines on Wednesday, 27 March when she revealed that she declined the BJP's offer to contest elections, citing financial constraints.

She did not have the 'kind of funds' required for fighting the Lok Sabha polls.

Speaking at the TIMES NOW Summit 2024, Sitharaman said, "after thinking over a week or ten days, I just went back to say... maybe not. I do not have that kind of money to contest. I also have a problem whether it is Andhra Pradesh or Tamil Nadu. It's also going to be a question of various other winnability criteria that they use...Are you from this community or are you from that religion? Are you from this? I said no, I do not think I am going to able to do it," 

When asked why even the finance minister of the country does not have enough funds to fight Lok Sabha elections, she said that the Consolidated Fund of India does not belong to her.

She said, "My salary, my earnings, my savings are mine and not the Consolidated Fund of India".

As the electoral bonds continues to dominate headlines, the upcoming Lok Sabha elections are poised to be a crucial test for the BJP.

With inputs from PTI.