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Kerala: SFIO probes CMRL over 'monthly payment' controversy linked to CM's daughter Veena Vijayan

A team from the Serious Fraud Investigation Office (SFIO) started investigating the alleged payment of money to Chief Minister Pinarayi Vijayan's daughter Veena Vijayan and her company Exalogic Solution, at the Cochin Minerals and Rutile Ltd. (CMRL) corporate office in Aluva.

Kerala: SFIO probes CMRL over 'monthly payment' controversy linked to Veena Vijayan anr
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First Published Feb 5, 2024, 3:25 PM IST

Ernakulam: On Monday, a team from the Serious Fraud Investigation Office (SFIO) started investigating the alleged payment of money to Chief Minister Pinarayi Vijayan's daughter Veena Vijayan and her company Exalogic Solution, at the Cochin Minerals and Rutile Ltd. (CMRL) corporate office in Aluva. The officials from the SFIO reached the office by 9 am and commenced the examination of documents related to the company.

Deputy Director Arun Prasad is in charge of the investigation, which was mandated on January 31. When the SFIO officials came, CMRL Managing Director Sasidaran Kartha and his son were already in the office. 

Under the Ministry of Corporate Affairs, SFIO looks into serious company fraud. The public-sector firm KSIDC will also be a part of the SFIO investigation against Exalogic Solutions, the firm owned by Veena Vijayan. Under the SFIO's purview will also be the Exalogic-CMRL transaction probe.

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, had found serious violations in the Exalogic-CMRL deal.

It is reported that the companies could not even give accurate answers to the questions of the Registrar of Companies. The reply given by KSIDC is also ambiguous. It was suggested that the case should be investigated by the Serious Fraud Investigation Office as a serious crime had been detected in the preliminary investigation itself. Complainant Shone George had approached the High Court seeking this investigation.

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