A CBI (Central Bureau of Investigation) suo motu proceeding has been registered against Megha Engineering and Infrastructure Ltd. along with eight officials, including the Director from NISP (NMDC Iron and Steel Plant), the Joint Secretary of the Ministry of Steel, over the false charge of corruption against a ₹315 crore project dedicated to NISP. Megha Engineering and Infrastructure Limited may have been the second-largest buyer of recent bond electoral figures when they were revealed. A partnership in the name of MEIL was established by Pamireddy Pichi Reddy and PV Krishna Reddy, and they raised the bond money of around ₹966 crore.
Media claims that the CBI instigated such a search operation on a bribery complaint to eight NISP/NMDC officials and two MECON Ltd officials proceeding with bribes against NMDC in favor of Megha Engineering and Industrial Limited.
These Hyderabad Megha group businesses emerged as the second-highest contributors in the electoral bonds scheme. Discoveries show a spike in project awards to the company after purchasing their corporate bonds within the period. Accordingly, the agency found out that Megah captured five noteworthy contracts in between the years 2019 and 2023, which were also the years worked on its bond acquisitions.
This disproportionate contribution to the BJP’s total party fund accounts for 93% of the ₹966 crore of electoral bonds acquired by the party. The transactions of political parties that indicate donations of BRS and DNK amounted ₹195 crore and ₹85 crore, respectively. The various political parties that benefited from the activation of MEIL bond redemptions included the YSR Congress, the Telugu Desam and Congress Parties, the Janata Dal (United) and Janata Dal (Secular) Parties, or the Jana Sena Party.
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