The SFIO has begun its probe against IT firm Exalogic Solutions, owned by Kerala Chief Minister’s daughter Veena Vijayan in relation to its financial dealings related to the mining company Cochin Minerals and Rutile Limited (CMRL).
A team from the Serious Fraud Investigation Office (SFIO) began its probe at the corporate office of CMRL at Aluva in Kochi on Monday, related to the alleged money the company paid to the firm owned by Veena Vijayan.
The officials from the SFIO reached CMRL office at 9 am and commenced the examination of documents related to the company.
The probe ordered on 31 January, is led by Deputy Director Arun Prasad. When the SFIO officials came, CMRL Managing Director Sasidaran Kartha and his son were there in the office.
The Ministry of Corporate Affairs on 31 January issued an order handing over the probe into the affairs of Exalogic Solutions, the firm owned by Veena Vijayan as well as CMRL and Kerala State Industrial Development Corporation Industrial (KSIDC) to SFIO.
The Income Tax Interim Settlement Board (ITISB) had found that CMRL disbursed Rs 135 crore to political leaders and others after 2016. The ITISB has also found that a total of Rs 1.72 crore was received by Veena Vijayan and her company Exalogic during 2017-20 from CMRL without providing any service to them.
Exalogic Solutions has been in the eye of a storm after the Registrar of Companies (RoC) came out with a preliminary report pointing out major violations in its transactions with Kochi-based CMRL. The RoC had recommended investigations by the Enforcement Directorate and the CBI under the Prevention of Money Laundering Act and the Prevention of Corruption Act.