Officials of Megha Engineering, 2nd top donor in electoral bonds, booked by CBI for corruption | Latest News India - Hindustan Times

Officials of Megha Engineering, 2nd top donor in electoral bonds, booked by CBI for corruption

Apr 13, 2024 07:16 PM IST

Megha Engineering was one of the top donors in electoral bonds, as recently revealed by bonds data.

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.

Officials of Megha Engineering, top donor in electoral bonds, booked by CBI for corruption
Officials of Megha Engineering, top donor in electoral bonds, booked by CBI for corruption

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.

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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.

What is the corruption charge against Megha Engineering?

According to the FIR made public on Saturday, the CBI had registered a preliminary enquiry on August 10, 2023 about the alleged bribery in 315 crore project related to works of intake well and pump house and cross-country pipeline at the integrated steel plant Jagdalpur which was awarded to the company, PTI reported.

Based on the findings of the preliminary enquiry, a recommendation was made on March 18 to register a regular case into the alleged bribery which was filed on March 31.

The CBI has named eight officials of NISP and NMDC Ltd -- retired executive director Prashant Dash, director (production) DK Mohanty, DGM PK Bhuyan, DM Naresh Babu, senior manager Subro Banerjee, retired CGM (finance) L Krishna Mohan, GM (finance) K Rajshekhar, manager (finance) Somnath Ghosh, who allegedly received 73.85 lakh bribe.

The agency has also named two officials of MECON Ltd - AGM (contracts) Sanjeev Sahay and DGM (contracts) K Illavarsu - who allegedly received payment of 5.01 lakh against the payment of 174.41 crore by NMDC Ltd to MEIL against 73 invoices from Subhash Chandra Sangras, general manager, MEIL and Megha Engineering and unknown others.

Chandra and Megha Engineering have also been named as accused in the case.

(With PTI inputs)


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