The Enforcement Directorate (ED) is likely to speed up investigation into the alleged dubious transactions between Kerala Chief Minister Pinarayi Vijayan’s daughter’s firm – Exalogic Solutions and mining company Cochin Minerals and Rutile Ltd (CMRL).

It is learnt the ED will issue notices to the companies including the firm owned by Veena Vijayan, CM’s daughter, asking them to appear for interrogation next week itself.

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The anti-money laundering agency had conducted preliminary investigations into the matter before registering the Enforcement Case Investigation Report (ECIR) against Veena Vijayan’s firm on Wednesday.

The Central agency has acted on the basis of the report by the Income Tax Interim Settlement Board (ITSIB) in August 2023 stating that Veena and her firm Exalogic Solutions received Rs 1.72 crore as monthly payment from the CMRL despite there being no evidence of any services given in return.

The ED probe will include individuals and entities on the record of ITSIB order. Besides Veena Vijayan, the role of CMRL and the Kerala State Industrial Development Corporation (KSIDC), which holds 13.4 per cent share in CMRL, will also come under the ambit of probe

Earlier this month, the Serious Fraud Investigation Office (SFIO) had issued notices to firms and establishments, which were involved in financial transactions with Exalogic Solutions owned by Veena Vijayan.

The notices were issued under Section 217 (2) of Companies Act, based on the inspections conducted on the bank accounts of Exalogic Solutions.

The Income Tax Principal Commissionerate, Kochi has found a difference of Rs 135.64 crore in CMRL accounts between 2016 and. 2019. The ED launched its preliminary probe based on this finding and recorded the statements of firms that had financial dealings with CMRL.

CM Vijayan and the CPI-M are feeling the heat as the ED probe is happening at a time when the political parties are gearing up for the April 26 Lok Sabha polls.

Opposition parties in the state including the BJP will make the ED probe against the Chief Minister’s daughter a weapon to attack the CPI-M-led LDF in the Lok Sabha poll campaign.

The CPI-M is facing a difficult situation as the Chief Minister, who is leading the LDF campaign, will come under direct attack from the Opposition for his daughter’s firm’s alleged dubious financial transactions with other companies.

Meanwhile, Leader of Opposition in the Kerala Assembly VD Satheesan has expressed his doubt over the ED probe in the case, reaching its logical conclusion.

“By now everyone knows that the BJP and the CPI-M are hand in glove and the present move by the Centre is nothing but an election stunt to convey to the electorate that they are at loggerheads,” he said.

“It is now crystal clear that the common enemy of the BJP and the CPI-M is the Congress. All know the noise created by the ED and the CBI in the gold smuggling, the Life Mission corruption and the Karuvannur Cooperative bank cases. Everybody knows what happened to all these probes,” Satheesan said.