The Central Bureau of Investigation (CBI) has initiated legal action against Hyderabad-based Megha Engineering and Infrastructure Ltd, the second-largest purchaser of electoral bonds amounting to ₹966 crore, following allegations of bribery.
CBI Files FIR Against Second-Biggest Electoral Bond Buyer Over Alleged Bribing
According to data released by the Election Commission on March 21, the company donated approximately Rs 586 crore to the BJP, making it the highest donor.
According to the FIR lodged by the CBI, the investigation also implicates eight officials from the National Industrial Security Project (NISP) and the National Mineral Development Corporation (NMDC), along with two officials from MECON. They are accused of accepting bribes totalling around Rs 78 lakh.
The alleged bribes were purportedly provided to expedite the processing of bills totalling ₹174 crore associated with Megha Engineering's engagements in projects linked to the Jagdalpur integrated steel plant.
Megha Engineering's substantial financial support to political parties, particularly the Bharatiya Janata Party (BJP), has attracted attention. According to data released by the Election Commission on March 21, the company donated approximately Rs 586 crore to the BJP, making it the highest donor.
Additionally, Megha Engineering contributed Rs 195 crore to the BRS, Rs 85 crore to the DMK, and Rs 37 crore to the YSRCP. Other recipients included the TDP, Congress, JD-S, Jana Sena Party, and JD-U, receiving varying amounts ranging from Rs 5 crore to Rs 25 crore.
Electoral bonds (EBs) are “bearer” instruments that function like currency notes. The bonds are issued specifically to serve as funds for political parties. They can be purchased by individuals, groups or corporate organisations and donated to political parties, who can then use this funding free of interest, 15 days after receiving it.
As per the FIR disclosed on Saturday, the CBI registered a preliminary enquiry on August 10, 2023, concerning the alleged bribery in a ₹315 crore project related to the works of intake well, pump house, and cross-country pipeline at the integrated steel plant Jagdalpur, awarded to Megha Engineering.
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 identified eight officials of NISP and NMDC Ltd, including 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, as recipients of ₹73.85 lakh in bribes.
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Additionally, two officials of MECON Ltd, AGM (contracts) Sanjeev Sahay and DGM (contracts) K Illavarsu, are accused of receiving payments amounting to ₹5.01 lakh, in relation to the ₹174.41 crore payment by NMDC Ltd to MEIL against 73 invoices from Subhash Chandra Sangras, general manager, MEIL, and Megha Engineering, among other unnamed parties.
(With Inputs From PTI)
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