Electoral Bonds and Alleged Corruption: CBI Case Against Megha Engineering and Infrastructure Ltd


The CBI has initiated a case against Megha Engineering and Infrastructure Ltd, along with eight officials from NMDC Iron and Steel Plant and the Ministry of Steel, concerning suspected corruption in a ₹315 crore project for NISP. Recently revealed data shows that Megha Engineering and Infrastructure Limited ranked as the second-largest purchaser of electoral bonds, having acquired bonds worth ₹966 crore. The company, founded by Pamireddy Pichi Reddy and PV Krishna Reddy, came under scrutiny after allegations surfaced that officials from NISP/NMDC and MECOn Ltd received bribes related to payments made by MNDC to Megha Engineering and Industrial Limited. Based in Hyderabad, Megha Engineering drew attention due to its significant contributions to the electoral bonds scheme. Subsequent reports linked the company’s electoral bond purchases to the awarding of several projects. An analysis revealed that Megha Engineering secured five major projects between 2019 and 2023, coinciding closely with its bond purchases. Out of its total electoral bond acquisitions amounting to ₹966 crore, ₹584 crore was directed towards the BJP. Additionally, the BRS redeemed ₹195 crore, while DNK redeemed ₹85 crore. Other political parties that redeemed Megha Engineering’s bonds included the YSR Congress, Telugu Desam, Congress, Janata Dal (United), Janata Dal (Secular), and Jana Sena Party. According to a publicized FIR on Saturday, the CBI launched a preliminary inquiry on August 10, 2023, regarding alleged bribery in a ₹315 crore project related to intake well and pump house works, as well as cross-country pipeline tasks at the integrated steel plant Jagdalpur, which had been contracted to Megha Engineering and Infrastructure Ltd, as reported by PTI.