More than 15 of the top 30 companies that donated to political parties through the now-scrapped electoral bonds scheme were investigated by the Enforcement Directorate (ED), Central Bureau of Investigation (CBI), and Income Tax department.
The investigations into these companies have varied in intensity, ranging from case filings to raids on their premises. Some firms also had their assets attached by the Enforcement Directorate.
Among the entities that were investigated by central agencies are Future Gaming and Hotel Services, Megha Engineering and Infrastructure Limited, Haldia Energy Limited, Vedanta Limited, Yashoda Super Speciality Hospital, DLF Commercial Developers Limited, Jindal Steel and Power Limited, Chennai Greenwoods Private Limited, Dr Reddy's Laboratories Limited, IFB Agro Limited, NCC Limited, Divi S Laboratory Limited, United Phosphorus India Limited, and Aurobindo Pharma.
Finance Minister Nirmala Sitharaman, speaking at the India Today Conclave, said the link between probe agency raids and firms purchasing election bonds were based on "assumptions".
"This narrative is based on huge assumptions that the money was given after the raids happened," Sitharaman said. "It may also be that the money was given earlier, and despite that, we went knocking at their doors," she said.
On Thursday, the Election Commission published detailed data on electoral bonds on its website after receiving the information from the State Bank of India (SBI), in adherence to a deadline set by the Supreme Court.
Future Gaming and Hotel Services was the top buyer of electoral bonds, worth over Rs 1,350 crore. Future Gaming is a prominent lottery company owned by Santiago Martin.
The second-biggest donor was Megha Engineering and Infrastructures Ltd (MEIL), which bought bonds worth Rs 966 crore. MEIL is a Hyderabad-based infrastructure giant and was involved in the Zojila tunnel project in Kashmir.
Among the known firms, Anil Agarwal's Vedanta Ltd bought Rs 398 crore worth of bonds. Airtel owner Sunil Mittal, through three companies, purchased a total of Rs 246 crore worth of bonds.
