Summarize

Simplifying... Inshort

Megha Engineering (MEIL), the second-largest buyer of electoral bonds, is under investigation by the CBI for alleged corruption involving a ₹315 crore project.
The company, which purchased bonds worth ₹966 crore, is suspected of bribery, with the BJP and Bharat Rashtra Samithi receiving significant portions of the bond money.
The probe follows a pattern of MEIL securing major projects around the time of these bond purchases.

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They were booked over alleged corruption in the execution of a ₹315 crore project

Megha Engineering, second-largest buyer of electoral bonds, booked for corruption 

By Chanshimla Varah

Apr 13, 2024

06:40 pm

What's the story

The Central Bureau of Investigation (CBI) has filed a case against Megha Engineering and Infrastructure Ltd. (MEIL) and eight officials from the Ministry of Steel. They were booked over alleged corruption in the execution of a ₹315 crore project for NISP. The implicated officials are associated with the NMDC Iron and Steel Plant, whereas MEIL is a Hyderabad-based company known for its significant political contributions. According to the Hindustan Times, MEIL was the second largest buyer of electoral bonds.

Case

CBI acted on a complaint

The CBI initiated its case against MEIL after it was discovered that eight officials of NISP/NMDC and two officials of MECOn Ltd. allegedly accepted a bribe against payment by MNDC to MEIL. The FIR revealed that the CBI opened a preliminary investigation into the alleged corruption in ₹315 crore project at the integrated steel plant Jagdalpur on August 10, 2023. The project, which was awarded to the company, involved building an intake well, pump house, and cross-country pipeline.

Meil

Recommendation made to register a regular case on March 18

Based on the preliminary investigation's findings, a recommendation was issued on March 18 to open a regular case into the suspected bribery, which was filed on March 31. MEIL came under scrutiny recently after it was revealed that the company is the second-largest buyer of electoral bonds, having purchased bonds worth ₹966 crore. The Bharatiya Janata Party (BJP) received ₹584 crore out of the total ₹966 crore, while the Bharat Rashtra Samithi (BRS) redeemed ₹195 crore.

Political funding

MEIL's project wins and electoral bond purchases

Reports indicate that MEIL was awarded several projects shortly after purchasing electoral bonds. Between 2019 and 2023, the company secured five major projects around the time it bought these bonds. Other parties that benefited from MEIL's bonds include the YSR Congress, Telugu Desam, the Congress, Janta Dal (United), Janata Dal (Secular), and Jana Sena Party.