The Electoral bond controversy is far from over. Ever since the Election Commission of India (ECI) made the Electoral Bonds data public for the common people, both the ruling party and the opposition are hurling accusations against each other. While political parties like Congress & AAP called electoral bonds as BJP's extortion racket, Prime Minister Modi and Union Home Minister Amit Shah pointed out the fact that it is due to their decision people now can know about the money trail. Amid the burning debate on poll bonds, the Central Bureau of Investigation (CBI) has swung into action and booked Megha Engineering and Infrastructure Ltd and eight officials of the NMDC Iron and Steel Plant (NISP), Ministry of Steel. For the unversed, Megha Engineering and Infrastructures Ltd (MEIL) is among the top buyers of electoral bonds. It donated Rs 584 crore to the BJP and Rs 195 crore to the Bharat Rashtra Samiti. Now, the question arises what are the allegations against Megha Engineering and Infrastructures Ltd (MEIL)?
Why did CBI book Megha Engineering and Infrastructures Ltd (MEIL)?
The answer is bribery charges. CBI has booked MEIL, eight officials of the NMDC Iron and Steel Plant (NISP), Ministry of Steel over bribery charges. To be precise, the case dates back to 2015 when a contract was signed between NISP, MEIL, and Koya and Company Construction Ltd (KCCL). The contract was for a project worth around Rs 314.57 crore. However, an inquiry revealed that NDMC had already appointed Mecon Ltd to carry out the same work in 2012. It has been alleged that eight officials of NISP/NMDC and two officials of Mecon Ltd received bribes from MEIL.
The case came to the fore for the first time in April 2023, when the Chief Vigilance Officer of NMDC filed a complaint against the former Executive Director of NISP, Prashant Dash, and other officials.
Who is the MD of MEIL?
As per Forbes, P.V. Krishna Reddy's net worth is $2.2 billion and he is currently serving as the MD of MEIL. Megha Engineering and Infrastructures Limited is a Telangana-based industrial conglomerate. It was established in 1989 as Megha Engineering Enterprises by Pamireddy Pitchi Reddy. However, in 1991, Reddy's nephew P V Krishna Reddy joined the company and now runs it. P.V. Krishna Reddy reportedly changed the company's name to Megha Engineering & Infrastructures in 2006. As per Forbes, Reddy is a resident of Hyderabad and has two kids.
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