The Central Bureau of Investigation (CBI) has filed a case against Megha Engineering and Infrastructure Ltd (MEIL) and eight officials from NMDC Iron and Steel Plant, Ministry of Steel, regarding an alleged corruption case related to a ₹315 crore project for NISP. MEIL, owned by Pamireddy Pichi Reddy and PV Krishna Reddy, has come under scrutiny after emerging as the second-largest buyer of electoral bonds, purchasing bonds worth ₹966 crore.
According to reports, the CBI took action based on a complaint alleging that eight officials of NISP/NMDC and two officials of MECOn Ltd received bribes in exchange for contracts awarded by NMDC to Megha Engineering and Industrial Limited.
MEIL, headquartered in Hyderabad, gained attention after being identified as the second top donor in the electoral bonds scheme. Reports indicate that the company secured several projects shortly after purchasing electoral bonds. An analysis revealed that Megha bagged five major projects between 2019 and 2023 around the time of its bond purchases.
Out of the total electoral bond purchases amounting to ₹966 crore, ₹584 crore went to the Bharatiya Janata Party (BJP). Other political parties that redeemed MEIL's bonds included the BRS, DNK, YSR Congress, Telugu Desam, Congress, Janata Dal (United), Janata Dal (Secular), and Jana Sena Party.
