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Future Gaming and Hotel Services PR, the lottery company associated with Santiago Martin, was reported as India’s largest electoral-bond purchaser: it bought bonds worth ₹1,368 crore across 22 phases, according to Election Commission data reported by Scroll. That is a record of purchases—not proof that Martin or his company received political favors in return.
How much did Martin’s company buy?
Scroll’s March 16, 2024 investigation, based on disclosures released by the Election Commission of India (ECI), reported that Future Gaming and Hotel Services PR bought electoral bonds worth ₹1,368 crore across 22 phases. The ECI release did not make data available for purchases between March 2018 and April 2019, so the reported total is not a complete account of activity across that period. Scroll’s investigation
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| Period | Reported purchases |
|---|---|
| 2020 | ₹150 crore |
| 2021 | ₹334 crore |
| 2022 | ₹500 crore |
| 2023 | ₹321 crore |
| January 2024 | ₹63 crore |
These annual values are the purchase totals reported by Scroll from ECI disclosures. They describe the company’s buying of bonds; they do not identify why it bought them or establish a link to a particular government decision. Scroll also compared the 2020 purchases with company profit figures, but that comparison alone does not establish unlawful conduct. Scroll’s investigation
Why is the purchase figure not the whole story?
Electoral-bond disclosures included information about both purchasers and recipients. A company’s purchase total and a political party’s redemption total are different records: the first indicates what the company bought; the second indicates what a party encashed. Neither, by itself, proves a bargain, a specific benefit, or political influence. Scroll’s reporting describes Martin’s family and business connections across parties, but those relationships do not establish that any bond purchase was exchanged for a favor. Scroll’s investigation
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What did the Supreme Court decide?
On February 15, 2024, the Supreme Court of India held the Electoral Bond Scheme unconstitutional and ordered that issuance stop and relevant purchase and redemption information be disclosed. The Court’s direction stated: “The issuing bank shall herewith stop the issuance of Electoral Bonds;” Supreme Court judgment, Association for Democratic Reforms v. Union of India
A follow-up order on March 11, 2024, recorded information required from the State Bank of India and the disclosure process. The judgment addressed the scheme’s constitutionality and transparency; it did not determine the motives behind individual donations or find Martin or his company guilty of wrongdoing. Supreme Court order, March 11, 2024
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What is alleged about Martin’s lottery business?
Scroll’s investigation recounts historic allegations and investigations concerning lottery operations and money laundering, alongside political associations involving Martin’s family and business. Those are allegations and reported investigative developments, not a basis to treat the bond-purchase disclosure as a finding of guilt. The distinction matters: a reported investigation is not the same as an adjudicated finding, and the bond data does not establish that a specific party gave a specific benefit in return. Scroll’s investigation The News Minute / Project Electoral Bond
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