On Friday, the Supreme Court of India declined a series of petitions demanding an investigation into alleged quid pro quo arrangements between corporates and political parties through Electoral Bonds. The court's decision came from a bench consisting of Chief Justice DY Chandrachud and Justices JB Pardiwala and Manoj Misra.

The Central Bureau of Investigation (CBI) has registered an FIR against Megha Engineering and Infrastructure Ltd, based in Hyderabad, which is the second-largest purchaser of electoral bonds worth Rs 966 crore, in connection with an alleged bribery case.

"Extortion is going on and its name is electoral bonds," Gandhi said.

Samajwadi Party president Akhilesh Yadav accused the BJP-led Centre of orchestrating the arrests of opposition leaders to divert public attention following revelations of alleged financial malpractice through electoral bonds.

Akhilesh Yadav, arrived Delhi for the INDIA Bloc rally at Ramlila ground, told reporters at the airport, the "BJP is worried that it is going (out of power). While we (opposition leaders) are coming to Delhi today, the PM is going out of Delhi. This shows who is going out (of power)".

The State Bank of India was the only bank authorised to sell and redeem the bonds, which were first issued in March 2018 and were being sold until the scheme was declared null and void by the top court last month.

According to the data, the BJP has emerged as the top recipient of funds through electoral bonds since their introduction in 2018, totalling Rs 6,986.5 crore. Following closely were West Bengal's ruling party, the Trinamool Congress, with Rs 1,397 crore, the Congress with Rs 1,334 crore, and BRS with Rs 1,322 crore.

Chief Justice of India DY Chandrachud, leading the bench, also instructed the Chairman and Managing Director of SBI to submit an affidavit by 5 pm on March 21, affirming that the bank has provided all bond details to the ECI.

The previous week, the apex court summoned SBI to clarify why it failed to disclose unique alphanumeric numbers as per its instructions, accentuating that the bank was 'duty bound' to do so.

The disclosure, made public by the Election Commission on Sunday, sheds light on the financial transactions of political parties through the electoral bonds system.

Following the Supreme Court's interim order from 12th April 2019, political parties had submitted electoral bond data in sealed cover, as confirmed by an official statement from the Election Commission.

The State Bank of India (SBI) is expected to release 'unique numbers' on Monday, offering further insights into the donors and their preferred political parties. From April 12, 2019, to January 2024, electoral bonds amounting to Rs 12,769 crore were funded, as per the data on the Election Commission (EC) portal.