The CBI has registered a case against Megha Engineering and Infrastructure Ltd, along with eight officers from NMDC Iron and Steel Plant, ministry of steel, regarding alleged corruption in the execution of a ₹315 crore project for NISP. Megha Engineering and Infrastructure Limited emerged as the second-largest buyer of electoral bonds after the data was revealed recently. Promoted by Pamireddy Pichi Reddy and PV Krishna Reddy, MEIL purchased bonds worth ₹966 crore.
According to reports, the CBI acted on a complaint that eight officials of NISP/NMDC and two officials of MECOn Ltd received a bribe against payment by MNDC to Megha Engineering and Industrial Limited.
Hyderabad-headquartered Megha came on the radar after it was found to be the second top donor in the electoral bonds scheme. Reports revealed that the company was awarded many projects immediately after it purchased electoral bonds. According to an analysis, Meghal bagged five major projects between 2019 and 2023 close to the time it purchased bonds.
Of its total electoral bond purchases of ₹966 crore, ₹584 crore went to the BJP. The BRS redeems ₹195 crore, DNK ₹85 crore. Others who redeemed MEIL's bonds included YSR Congress, Telugu Desam, Congress, Janta Dal (United), Janata Dal (Secular) and Jana Sena Party.
