Abstract Since its inception in 2017, the Electoral Bonds scheme has faced ongoing criticism for its flawed framework, risking quid pro quo, crony capitalism, and undermining fair & fair elections. This paper leverages the newly available data to identify four distinct forms of corruption facilitated by the scheme. Section 1 examines the phenomenon of "chanda do, dhanda lo" (give donation and get business), where newly established and other corporate entities rapidly channel substantial funds to political parties. Section 2 investigates instances of "hafta-vasuli" (extortion), wherein ruling parties exploit law enforcement agencies to target corporate entities, subsequently receiving significant political funding from the raided companies. Section 3 explores the dynamics of "theka lo, rishwat do" (bag contract, give bribe), revealing implicit quid pro quo relationships between parties and corporates in exchange for funding and contracts. Lastly, Section 4 highlights the existence of 'Farzi companies' (fake companies) through which illicit funds flow to parties.
Poola et al. (Fri,) studied this question.
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