The Serious Fraud Investigation Office (SFIO), in its prosecution complaint (chargesheet ) filed at the Ernakulam Additional Sessions Court, called the Kerala chief minister’s daughter Veena T (Veena Vijayan) the mastermind who played a crucial role in the Cochin Minerals and Rutile Ltd.(CMRL)-Exalogic Solutions case.
There are serious findings against Veena Vijayan of conspiracy in the chargesheet i.e. obtaining money through fraudulent means, and deliberate financial misappropriation.
According to the chargesheet, Veena’s company, Exalogic Solutions, had recorded a declining growth after its inception with a liability of Rs 66 lakh per year. Its main income was later garnered after the deal with CMRL. From 2017 to 2019, the company received major financial support through transactions with CMRL. Veena started getting Rs 5 lakh every month from CMRL and the company also received Rs three lakh per month.
The SFIO has found that Exalogic Solutions received Rs 2.70 crore from CMRL without providing any services.There are 13 accused in the case including Veena and CMRL managing director Sasidharan Kartha. They have been imposed with charges that can carry a prison sentence of up to ten years.
The SFIO investigation has also uncovered irregularities in CMRL’s financial transactions. It has been found that the company transferred approximately Rs 182 crore to political leaders. Its investigation has also found that Kartha’s son-in-law Anil Anandapanikkar received Rs 13 crore as commission.
An earlier probe by the Income Tax Department and the subsequent order by the Income Tax Interim Settlement Board(ITISB) had concluded that Rs 1.72 crore was received by Veena Vijayan and her company without rendering any services. Investigations found that private mineral company CMRL committed a fraud amounting to Rs 197.7 crore, which included payments to Veena, her company, and other political figures.
As per the SFIO chargesheet, Veena is booked under Section 447 of the Companies Act. The same charge has been levelled against CMRL managing director and others.