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The Serious Fraud Investigation Office (SFIO) has named Kerala Chief Minister Pinarayi Vijayan’s daughter, Veena Vijayan, as the main planner behind the controversial ‘monthly payment’ deal between her company, Exalogic Solutions, and CMRL
Kochi: The Serious Fraud Investigation Office (SFIO) has made significant allegations against Kerala Chief Minister Pinarayi Vijayan’s daughter, Veena Vijayan, in connection with a controversial 'monthly payment' deal. According to the SFIO chargesheet, Veena was the primary architect of the financial arrangement between her company, Exalogic Solutions, and Cochin Minerals and Rutile Ltd (CMRL).
The chargesheet, submitted to the 7th Additional Sessions Court in Kochi, states that Exalogic experienced declining growth after its inception. Despite this, from 2017 to 2019, the company reportedly received major financial support through transactions with CMRL. Veena allegedly received Rs 5 lakh per month personally, while her company received an additional Rs 3 lakh per month, making CMRL the company’s main source of revenue during this period.
The SFIO has alleged that Exalogic Solutions was incurring an annual liability of Rs 66 lakh before the agreement with CMRL began. The investigation concluded that a total of Rs 2.78 crore was paid to Veena, allegedly for services that were never rendered. The report further asserts that Exalogic was essentially synonymous with Veena herself.
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Currently, the Kerala High Court has issued a stay on further proceedings related to this SFIO report.
The Union Ministry of Corporate Affairs earlier granted permission for the prosecution of Veena Vijayan, Sasidharan Kartha, P. Suresh Kumar (CMRL’s CGM of Finance), and others involved. The investigation revealed that Veena and Exalogic Solutions received the illegal payment, which originated from CMRL and Empower India.
Charges have been filed under Section 447 of the Companies Act, which includes penalties such as imprisonment ranging from six months to ten years, along with a potential fine equal to the fraud amount or up to three times that amount.
