The Central Bureau of Investigation (CBI) has taken action against Megha Engineering and Infrastructure Ltd (MEIL) and eight officials from NMDC Iron and Steel Plant over alleged corruption in a Rs 315 crore project for NISP.
MEIL, headquartered in Hyderabad and led by Pamireddy Pichi Reddy and PV Krishna Reddy, has come under scrutiny for its involvement in the electoral bonds scheme. Recent data revealed that MEIL was the second-largest purchaser of electoral bonds, buying bonds worth Rs 966 crore.
According to reports, the CBI initiated action following a complaint alleging bribery involving eight NISP/NMDC officials and two officials from MECOn Ltd. These officials are accused of receiving bribes related to payments by NMDC to Megha Engineering and Infrastructure Ltd.
The investigation into MEIL’s activities intensified after it was discovered that the company became a major donor in the electoral bonds scheme.
Of the total Rs 966 crore worth of electoral bonds purchased by MEIL, Rs 584 crore were directed towards the BJP, reported Hindustan Times. Other beneficiaries included BRS, DNK, and several political parties.
The corruption charges against Megha Engineering stem from a Rs 315 crore project for the integrated steel plant in Jagdalpur. The FIR, made public on Saturday, disclosed that a preliminary enquiry was registered on August 10, 2023. Based on the findings, a recommendation to file a regular case was made on March 18 and executed on March 31.
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CBI books Megha Engineering, second-biggest electoral bond donor, in Rs 315 crore corruption case
