ED raids `electoral bonds king' Santiago Martin's properties

The Enforcement Directorate (ED) launched new searches on Thursday targeting Santiago Martin, the prominent Chennai-based businessman known as the ‘lottery king’.

Santiago Martin, who has been identified as the biggest political donor through electoral bonds, with contributions exceeding ₹1,300 crore between 2019 and 2024, is under investigation for alleged money laundering.

The renewed ED action follows a recent Madras High Court ruling that permitted the agency to continue its searches of Santiago Martin's establishments.

 This decision came after the Tamil Nadu police had attempted to close the initial FIR related to him, which a lower court accepted. The Madras High Court, however, overturned this ruling, enabling the ED to pursue its investigation against Martin.

The case gained momentum after the Madras High Court last month reversed a lower court’s acceptance of the Chennai crime branch’s closure report.

Seizure of cash

The report pertained to the seizure of unaccounted cash worth ₹7.2 crore from Martin’s residence. With this setback overturned, the ED has been empowered to proceed with its probe into Martin’s complex financial dealings.

The ED conducted multiple searches across properties associated with Santiago Martin in Chennai and other areas. These operations are part of a larger investigation into Martin’s financial activities that have raised red flags over the years.

The ED has been keeping an eye on Martin and Future Gaming Solutions India Pvt. Ltd., the master distributor of Sikkim lotteries, since 2019. The ED previously attached assets worth approximately ₹457 crore linked to Martin. This action related to accusations that Santiago Martin’s lottery operations caused a financial loss of over ₹900 crore to the Sikkim government through fraudulent sales in Kerala.

Spotlight on Martin's electoral bond donations 

Earlier in March, the Election Commission of India disclosed details on electoral bonds, revealing the Coimbatore-based Future Gaming as the top donor. Twenty-three companies accounted for half the total value of bonds, with Future Gaming and Hotel Services Pvt Ltd emerging as the top buyer.

Future Gaming and Hotel Services Pvt Ltd bought ₹1,368 crore, being the only one to exceed the ₹1,000-crore mark. Future Gaming was founded by Santiago Martin in 1991.

(By arrangement with livemint.com)