Megha Engineering, The Second-Largest Purchaser Of Electoral Bonds, Booked By CBI In Bribery Case

(MENAFN- AsiaNet News) The Central Bureau of Investigation (CBI) has initiated legal action against Megha Engineering and Infrastructure Ltd, a Hyderabad-based company that ranked as the second-largest purchaser of electoral bonds, amounting to Rs 966 crore. This action comes in response to an alleged bribery case involving the company.

Eight officials from the National Investment and Infrastructure Fund (NISP) and the National Mineral Development Corporation (NMDC), along with two representatives from MECON, have been implicated in the FIR. They are accused of receiving bribes totalling approximately Rs 78 lakh in connection with the settlement of bills amounting to Rs 174 crore for Megha Engineering's projects related to the Jagdalpur integrated steel plant.

Megha Engineering, which emerged as the second-largest buyer of electoral bonds, made significant political contributions, including a donation of Rs 586 crore to the Bharatiya Janata Party (BJP). Additionally, the company donated Rs 195 crore to BRS, Rs 85 crore to DMK, and Rs 37 crore to YSRCP, among others. Smaller sums were allocated to parties like TDP, Congress, JD-S, Jana Sena Party, and JD-U.

The FIR made public on Saturday, reveals that the CBI initiated a preliminary inquiry on August 10, 2023, regarding alleged bribery related to a project worth Rs 315 crore at the Jagdalpur integrated steel plant. Based on the findings of the inquiry, a recommendation was made on March 18 to register a formal case, which was filed on March 31.

Among the named officials are eight individuals from NISP and NMDC Ltd, as well as two officials from MECON Ltd. The accused individuals allegedly received bribes, with amounts ranging from Rs 73.85 lakh to Rs 5.01 lakh. In addition to the named officials, Subhash Chandra Sangras, general manager of MEIL, and Megha Engineering have also been named as accused parties in the case.

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