The investigation into Finance Minister Nirmala Sitharaman’s Electoral Bonds case has been ceased by the Karnataka High Court on Monday. The inquiry into Sitharaman, Karnataka BJP president BY Vijayendra, and other parties involved in the matter has been placed on hold in the interim by the Karnataka High Court.
The continuing investigation into the First Information Report (FIR) against Nalin Kumar Kateel, the former president of the Karnataka BJP and a co-accused in the matter of alleged extortion under false pretences of electoral bonds, has also been placed on hold in the interim. The following hearing is set for October 22.
A complaint over the now-abandoned electoral bonds scheme led to the filing of a formal complaint, which included names of Finance Minister Nirmala Sitharaman and others. The court’s instruction resulted in the registration of the lawsuit on Saturday, alleging significant charges of extortion.
The FIR contains allegations under the Indian Penal Code (IPC) under multiple sections, including 384 (extortion punishment), 120B (criminal conspiracy), and 34 (common intention). The FIR also names Karnataka BJP head B Y Vijayendra and party leader Nalin Kumar Kateel.
Adarsh R. Iyer, a co-president of the Janaadhikaara Sangharsha Parishath (JSP), filed the case. He claimed the accused had profited more than ₹8,000 crore by “committing extortion under the guise and garb of electoral bonds.”
Iyer further charged that Nirmala Sitharaman had enabled widespread financial blackmail with the secret help of ED officers. Additionally, Iyer said that the BJP MP helped others at the state and federal levels extort thousands of crores of rupees.
“The whole extortion racket under the guise of electoral bonds has been orchestrated hand in glove with officials of the BJP at various levels,” the complaint claimed.
In February, the Supreme Court ruled that the electoral bonds program violated the Constitution’s guarantees of the freedom of speech and expression and the right to knowledge.
Electoral Bonds functioned similarly to interest-free banking products and promissory notes. If an Indian individual or organisation that is registered in India complies with the Reserve Bank of India’s (RBI) Know Your Customer (KYC) guidelines, they can purchase these bonds.