The financial fraud case involving Cochin Minerals and Rutile Ltd (CMRL) has taken a dramatic turn, with the Serious Fraud Investigation Office (SFIO) naming Veena Vijayan, daughter of Kerala Chief Minister Pinarayi Vijayan, as an accused.
The agency has filed a detailed chargesheet, alleging that her company, Exalogic Solutions Pvt Ltd, fraudulently received Rs 2.7 crore without providing any actual services.
Reports confirm that the Ministry of Corporate Affairs has sanctioned prosecution against Veena Vijayan and other accused individuals based on the SFIO’s findings. The investigation revealed that Exalogic Solutions was paid for IT and marketing-related services that were never rendered.
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The fraudulent transactions were allegedly routed through two companies—Nipuna International Private Limited and Sasja India Private Limited. Along with Veena Vijayan, the chargesheet also names Exalogic Solutions, CMRL’s Managing Director Sasidharan Kartha, CMRL itself, and a sister company.
The SFIO has invoked multiple sections of the Companies Act, 2013, with the most serious charge being under Section 447, which deals with fraud and carries a potential jail term of up to 10 years along with a fine of up to three times the fraud amount. Additionally, charges have been framed under Section 448 (false statements), Section 129 (financial statements), and Section 134 (board’s report and disclosures) against the accused.
The Kerala High Court had recently dismissed petitions seeking a probe into corruption allegations against CM Pinarayi Vijayan and Veena Vijayan related to the CMRL issue. These petitions had earlier challenged a vigilance court’s decision that refused to initiate an investigation.
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As the SFIO intensifies its crackdown on financial irregularities, the case is expected to create a political storm in Kerala. The legal proceedings ahead could have far-reaching consequences for those involved.