Electoral Bond Donor MEIL Faces Fresh Heat
• Only 10% Work Done, MEIL Blamed for Delays
• Sprouts SIT Uncovers MEIL’s Guarantee Fraud
Unmesh Gujarathi
Sprouts News Exclusive
Contact: +91 9322755098
Sprouts News Exclusive
Contact: +91 9322755098
Sprouts News SIT exposes serious irregularities in the Mongol Refinery Project awarded to MEIL. Despite major delays and poor performance, MEIL submitted questionable bank guarantees via unrecognized Euro Exim Bank. Linked to electoral bond scandals, MEIL’s actions raise international concerns over transparency, financial risk, and India’s global project credibility.
Contents
Electoral Bond Donor MEIL Faces Fresh Heat• Only 10% Work Done, MEIL Blamed for Delays• Sprouts SIT Uncovers MEIL’s Guarantee FraudCorruption Allegations Against MEIL Raise Red Flags GloballyMongol Refinery Progress Far Behind ScheduleMEIL’s Dubious Bank Guarantees: Euro Exim Bank Under LensImplications for Mongol Refinery: High Risk of Invalid SecuritiesPattern of Favoritism Linked to Electoral BondsAlso Read: Scam Busted: ₹3.48 Crore Investment Fraud Rocks Pune.Call for International Oversight and TransparencyTV9 Network Faces Heat Over MEIL Coverage
Corruption Allegations Against MEIL Raise Red Flags Globally
The Mongol Refinery Project—one of Mongolia’s flagship infrastructure ventures—has come under scrutiny after it awarded a key contract to Megha Engineering and Infrastructure Limited (MEIL), a Hyderabad-based infrastructure giant. While the awarding of this contract initially drew praise for Indian engineering prowess abroad, the recent revelations linking MEIL to financial irregularities and political funding scandals have cast a shadow over the project’s integrity.
Sprouts News Investigation Team (SIT) has learned that MEIL is the second-largest contributor of electoral bonds in India, raising serious conflict-of-interest concerns. Numerous media reports and public data indicate that MEIL secured high-value contracts soon after these bond contributions. In the case of the Mongol Refinery Project as well, industry insiders allege that MEIL’s selection may not have been purely performance-based.
Mongol Refinery Progress Far Behind Schedule
Despite the passage of a substantial portion of the contracted timeline, only 10% of the project work has been completed, raising alarm among project observers and Mongolian stakeholders. Experts point to MEIL’s subpar performance record in other major public infrastructure projects in India—further fueling doubts about its capability to handle a project of such strategic importance.
The Sprouts SIT has verified that concerns regarding delayed milestones and lack of transparency have already been informally raised by multiple senior officials monitoring the Mongol Refinery. This sluggish progress not only threatens delivery timelines but also risks cost escalation for a project heavily backed by the Indian government’s line of credit.
MEIL’s Dubious Bank Guarantees: Euro Exim Bank Under Lens
The Sprouts News Investigation Team (SIT) has uncovered a more alarming issue: bank guarantees submitted by MEIL for major infrastructure projects in India, including the Mongol Refinery, may lack legal and financial standing.
In the Thane-Borivali Road Project, currently being executed under the Mumbai Metropolitan Region Development Authority (MMRDA), MEIL submitted its performance and advance bank guarantees through Euro Exim Bank, a private entity based in St. Lucia. Notably, Euro Exim Bank is neither a nationalized bank nor a scheduled commercial bank as per the Reserve Bank of India (RBI) classification.
According to financial experts consulted by Sprouts SIT, Euro Exim Bank lacks both the capital adequacy and regulatory recognition to issue high-value guarantees. Its low net worth, limited international presence, and absence from India’s approved banking list present a serious financial risk.
Implications for Mongol Refinery: High Risk of Invalid Securities
Given the significant value of the Mongol Refinery contract, it is vital that the legitimacy of MEIL’s submitted guarantees be independently verified. If Euro Exim Bank has issued these guarantees again in this project, it could undermine the financial safeguards required under international contracting standards.
Sprouts News SIT urges Mongol Refinery authorities to re-examine the bank guarantees submitted by MEIL—not only for authenticity but also for alignment with the project’s risk management framework. International development finance institutions and sovereign lending agencies, including India’s EXIM Bank, may also be indirectly exposed if improper securities back this high-value contract.
Pattern of Favoritism Linked to Electoral Bonds
Several reports, including those from The Hindu, Newslaundry, and The Wire, have documented a clear pattern of quid pro quo in how electoral bonds have influenced contract awards. MEIL’s consistent political donations followed by rapid project allocations—in India and now abroad—signal systemic issues in contract governance.
In India, MEIL has been a preferred contractor for water grid projects, highway expansions, and smart city infrastructure. Many of these contracts were secured amid allegations of political proximity, opaque bidding, and non-performance—a trail that now appears to extend to Mongolia.
Call for International Oversight and Transparency
The Mongol Refinery Project is not just another infrastructure build—it is a geopolitical and strategic partnership between India and Mongolia. If Indian contractors such as MEIL continue to operate under questionable practices, it risks India’s global reputation and jeopardizes the long-term success of such bilateral ventures.
Sprouts News Investigation Team (SIT) will continue to track developments in the Mongol Refinery case and provide verified updates to stakeholders in India and abroad.
Sprouts News SIT strongly urges policymakers, financial regulators, and oversight agencies in both India and Mongolia to launch an independent inquiry into MEIL’s financial instruments and project conduct. Transparency and accountability must remain at the core of India’s global infrastructure diplomacy.
TV9 Network Faces Heat Over MEIL Coverage
In a shocking development, Sprouts News, several political and industrial sources have allegedly imposed an unofficial ban on the TV9 news network for its recent controversial coverage linked to Megha Engineering and Infrastructure Ltd (MEIL). TV9 reportedly aired reports connecting MEIL to electoral bond corruption and irregularities in the Mongol Refinery Project. Following this, MEIL-linked lobbies have allegedly pressured advertisers and cable operators to boycott TV9 broadcasts in select regions.
The Sprouts News Investigation Team (SIT) is probing the incident, raising serious concerns about press freedom and corporate influence in media.
