Karnataka High Court on Monday stayed the probe into Electoral Bonds case involving Finance Minister Nirmala Sitharaman. The Karnataka High Court issued an interim stay on the investigation involving Sitharaman, Karnataka BJP chief BY Vijayendra, and others in the case.
An interim stay has also been issued on the ongoing investigation into the FIR against former Karnataka BJP president Nalin Kumar Kateel, who is a co-accused in the case alleging extortion under the pretense of electoral bonds. The next hearing is scheduled for October 22.
The FIR, which was filed against Finance Minister Nirmala Sitharaman and others, follows a complaint related to the now-abandoned electoral bonds scheme. The court's directive resulted in the registration of the case on Saturday, citing serious allegations of extortion.
The FIR includes charges under several sections of the Indian Penal Code (IPC), specifically:
- 384: Punishment for extortion
- 120B: Criminal conspiracy
- 34: Common intention
Karnataka BJP chief B Y Vijayendra and party leader Nalin Kumar Kateel have also been named in the FIR.
The complaint was filed by Adarsh R Iyer, co-president of the Janaadhikaara Sangharsha Parishath (JSP). He alleged that the accused “committed extortion under the guise and garb of electoral bonds,” claiming they benefitted by more than ₹8,000 crore.
Iyer further accused Nirmala Sitharaman of facilitating extensive financial extortion through the covert assistance of Enforcement Directorate (ED) officials. Iyer also alleged that the BJP MP facilitated the extortion of thousands of crores of rupees for the benefit of others both at the state and national levels.
The complaint asserted, “The entire extortion racket under the garb of electoral bonds has been orchestrated hand in glove with officials of the BJP at various levels.”
The Supreme Court declared the electoral bonds scheme unconstitutional in February, stating it infringes on the right to information and the freedom of speech and expression as guaranteed by the Constitution.
Electoral Bonds operated similarly to promissory notes and interest-free banking instruments. Any Indian citizen or organization registered in India could purchase these bonds by complying with the Know Your Customer (KYC) regulations established by the Reserve Bank of India (RBI).
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