CBI booked 8 steel ministry officials of Megha Engineering, in a corruption case worth Rs 315 crore

Megha Engineering and Infrastructure Ltd. and eight officials from the Ministry of Steel are the targets of a complaint filed by the Central Bureau of Investigation (CBI), which alleges that they were complicit in the theft of Rs 315 crores during the implementation of the National Infrastructure Support Project (NISP). 

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The people who were arrested were from the NMDC Iron and Steel Plant. Megha Engineering & Infrastructures Ltd (MEIL), a Hyderabad-based company, is the second-largest donor to the Congress party and ranks among the top donors of electoral bonds to the BJP and BRS.

P V Krishna Reddy and P Pitchi Reddy, the promoters of donor electoral bonds, saw a 51% and 53% increase in wealth, respectively, from the sale, which had a net worth of Rs 1,232 crore.

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The Hurun Global Rich List 2024 lists P P Reddy and PV Krishna Reddy as the richest residents in Hyderabad, with a combined net worth of almost $6 billion. Murali Divi, the $7 billionaire entrepreneur behind Divi's Labs, and his family come next. The uncle and nephew climbed to the 305th and 303rd places on the global wealthy list, respectively, to become the 536th and 561st richest persons in the world.