Kerala: CPM defends Veena Vijayan's Exalogic Solutions amid probe by central agencies

By Aishwarya Nair | First Published Feb 10, 2024, 12:46 PM IST

The Communist Party has released a document backing Chief Minister Pinarayi Vijayan's daughter Veena Vijayan in the 'monthly payment' controversy. The CPM alleges that the Chief Minister is being single-handedly attacked and that even transactions made through banks with clear figures are being distorted.

Thiruvananthapuram: The Communist Party of India (Marxist) (CPIM) has published a document supporting Exalogic Solutions, a business connected to Veena Vijayan, the daughter of Kerala Chief Minister Pinarayi Vijayan. This formal explanation is being provided while Exalogic is being looked into by central agencies. The document alleges that central agencies have created misleading narratives to deliberately undermine the Chief Minister's development plan, and it criticises the central government for allegedly misrepresenting Exalogic's bank transactions. It makes no mention of Veena or CMRL specifically.

The CPM alleges that the Chief Minister is being single-handedly attacked and that even transactions made through banks with clear figures are being distorted. The party has been providing unparalleled support to Veena and Exalogic since the month when the allegations surfaced. The state secretariat defended it till it issued a press release. The CPM also explains that even though the company has no complaint and the controversy is being raised without hearing the argument.

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In the wake of these accusations, Exalogic filed a challenge against the Serious Fraud Investigation Office's investigation in the Karnataka High Court. However, the court denied the petition to halt the investigation, which was a setback.

Veena Vijayan is the owner of Exalogic company, and she has received a summons from the Serious Fraud Investigation Office (SFIO). An examination into the financial activities of Exalogic and CMRL, a rutile mining firm, led to the issuance of a summons seeking numerous documents. KSIDC had previously requested a stay of the probe, however, the Kerala High Court had denied it.

The Central government decided on January 31 to hand over the Exalogic company investigation to the SFIO. An investigation was launched into the PSU since CMRL's board of directors includes a representative from the KSIDC.

The investigation by the Serious Fraud Investigation Office is in the public interest and based on a preliminary investigation report. The Bengaluru ROC and Ernakulam ROC, which conducted a preliminary inquiry into Shaun George's complaint, found serious violations in the Exalogic-CMRL deal.

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