Lok Sabha polls: How electoral bonds issue has become a shot in the arm for Left in Kerala

The Supreme Court verdict in the electoral bonds case and its subsequent developments have significantly boosted the LDF following the earlier mobilization spurred by the CAA issue.

The LDF has been actively engaging with the masses, accusing the BJP and the Congress of sluggishness in addressing these concerns. The UDF was forced to up the ante on the CAA issue, targeting the state government for the cases slapped against the protesters of 2019 -20 anti-CAA demonstrations.

With electoral bonds becoming a serious poll issue in Kerala, the Left parties are keen to project the CPI(M)’s role in getting a favourable verdict from the Supreme Court. Their leaders are all out pointing out the timeline of the case.

Steadfast in opposition

“I’m proud that I’m fighting a legal battle against the ED and ‘lottery king’ Santiago Martin,” said senior CPI(M) leader and former Kerala Finance Minister Dr TM Thomas Issac in a social media post after the name of Coimbatore-based Future Gaming and Hotel Services, owned by Martin, came out as one of the top buyers of electoral bonds worth ₹1,368 crore.

“Martin being the top electoral bond donor raises serious questions about the GST decision-making process. Was the revision of lottery GST rates to favour private lottery contractors in 2020 influenced by these donations? The suspicion I hinted at that time seems to be coming true,” said Issac.

The CPI(M) has steadfastly opposed the electoral bond scheme since its inception in 2017, citing concerns that it would institutionalise bribery and corruption. The party warned of potential quid pro quo scenarios between ruling parties and corporate entities under this scheme. Consequently, in 2018, the party approached the Supreme Court, and secured a favourable verdict last month. A pamphlet urging voters to reject parties that accept bribes from large corporations encapsulates this stance.

Moral high ground

CPI(M) and CPI stood on moral high ground after the Electoral Commission published the electoral bonds data as both the Left parties had opted not to accept donations by electoral bonds. “The fact is that the CPI(M) has refused to accept electoral bonds on principle. That is why it did not even open a designated State Bank of India account as required by the law to accept electoral bonds,” said the CPI(M) politburo in a communique.

According to MV Govindan, the state secretary of the ruling CPI(M), electoral bonds have facilitated what could be considered the largest political corruption case ever witnessed in India. He dubbed Martin's firm as a symbol of corruption, facing numerous investigations, and being the primary contributor to this corruption through electoral bonds.

Addressing a press conference, Govindan emphasised that several thousand crores have been accumulated by the BJP and certain other parties through the use of electoral bonds.

Govindan further stated, “More than half of the electoral bonds have been acquired by the BJP. According to information provided by the SBI, the BJP alone has received a staggering amount of Rs 6060.51 crore through these bonds.”

Congress on back foot

The Congress and the UDF chose not to respond even as the CPI(M) leaders targeted the Congress, saying the party too was a beneficiary of the electoral bonds. However, Wayanad MP Rahul Gandhi broke the silence, accusing the BJP of massive corruption through electoral bonds. “Electoral bonds were the biggest extortion racket in the world… Funds for splitting political parties and toppling governments came from electoral bonds,” he said.

Rahul's remarks have provided the Congress in Kerala with a platform to oppose the LDF's "propaganda efforts". This is a significant development, particularly since the LDF's narrative has been gaining traction until it was challenged recently.

During the anti-CAA campaign, despite organising numerous protest marches across the state, the Congress found itself on the defensive against the relentless campaign machinery of the CPI(M).

Left leaders were all out on the offensive with the chief minister leading from the front and accusing the Congress of peddling soft Hindutva. The Congress, on the other hand, levelled a series of allegations ranging from the LDF government not withdrawing the cases against the anti-CAA protesters to some of their leaders having tacit business ties with BJP leaders.

The initial phase of the election campaign in Kerala has been largely overshadowed by discussions surrounding the Citizenship Amendment Act (CAA) and, more recently, the electoral bond issue.

Respite for LDF govt

With these issues coming to the fore, the ruling LDF has managed to find a degree of relief from the prevailing anti-incumbency sentiment among voters. They have also effectively managed to dodge the allegations surrounding the chief minister's daughter, Veena T, who is facing a probe for allegedly receiving monthly consultation fees from a controversial company involved in mineral mining.

With the elections officially announced and a significant 40-day period leading up to the polling day, the UDF is banking on Rahul Gandhi's arrival in Wayanad to lend momentum to their campaign. They aim to overcome the initial advantage gained by the LDF through a vigorous and dynamic campaign effort.

However, the LDF eagerly anticipates another potential intervention by the Supreme Court in the lawsuit they have filed against the Union government. This lawsuit alleges interference by the Centre in the borrowing activities of the state government.