Lottery magnate Santiago Martin associate’s firm pours Rs 260 crore to rivals DMK, AIADMK
New Delhi: Kolkata-based lottery firm Tiger Associates emerged as the single biggest donor to Tamil Nadu’s two main political rivals, the DMK and the AIADMK, during the 2025-26 financial year. Disclosures submitted to the Election Commission show the company gave a massive Rs 260 crore combined to both parties. This is more than double what the firm handed out to them in the previous financial year.
The donations formed the backbone of political funding for both outfits, accounting for nearly 74 per cent of the Rs 352.55 crore they reported receiving together, news agency Press Trust of India reported. Tiger Associates had given Rs 110 crore across the two parties in 2024-25, bringing its two-year total to Rs 370 crore.
Tiger Associates is tied to lottery businessman Santiago Martin through a shared business associate. Its designated partner, Subbayan Nagarajan, has worked closely with Martin for years, and corporate filings show the two are partners in another venture. Martin’s own company, Future Gaming and Hotel Services, was previously the largest buyer of electoral bonds, giving Rs 509 crore to the DMK before the Supreme Court scrapped the scheme in February 2024. While Tiger Associates and Future Gaming operate as separate entities, the disclosures do not show Martin personally funded Tiger Associates’ donations.
How funds were split between rivals
The AIADMK received Rs 135 crore from Tiger Associates across six separate transfers. That alone made up nearly 84 per cent of the party’s total recorded contributions of Rs 161.36 crore for the year.
Meanwhile, the DMK took in Rs 125 crore from the firm through 14 transactions, making up over 65 per cent of its Rs 191.19 crore total. Even though Tiger Associates upped its funding to the DMK from Rs 50 crore the year before, the party’s overall declared funds fell from Rs 365.82 crore in 2024-25. That previous tally had included over Rs 300 crore in cash under its Party Development Fund.
Electoral trusts and pre-poll windfall
A handful of electoral trusts also pitched in. Prudent Electoral Trust gave Rs 25 crore to the DMK. Triumph Electoral Trust gave Rs 15 crore to the DMK and Rs 5 crore to the AIADMK, while Jaybharath Electoral Trust handed out Rs 4 crore and Rs 3 crore, respectively. Together, Tiger Associates and these three trusts made up Rs 312 crore roughly 88.5 per cent of all money declared by both parties.
A large chunk of these funds landed in party accounts in February and March, right before the assembly polls where the DMK lost power to actor-politician Vijay’s TVK.