The Office for Investigations of serious fraud (SFIO) has ceded its findings in the Cochin Minerals and Rutile Limited (CMRL) to the National Financial Office, the Indian Reserve Bank, the Central Office for Economic Intelligence and the National Society Court (NCLT).
The report was handed over to the NCLT for “Proceedings, saying that the amount reported and against such identified persons”. The Tribunal initiates disagreement proceedings in order to recover disproportionate profits or profits from individuals or entities dealing with fraudulent or unauthorized activities.
In her final complaint filed before a special court in Kochi, SFIO announced that Exalogic Solutions Private Limited, the company of the main Minister Pinarayi Vijayan’s daughter T. Veen, was paid out by the monthly detainener of £ 3 Lakh. It confirms that Exalogic and T. Payments were fraudulent, without the outputs or work outputs provided, ”he said.
Mrs. Veena was paid a monthly detainener 5 Lakh.
At the same time, SFIO pointed out that “Atna Technologies, later hired for a similar study, brought structured results at significantly lower costs, which emphasized the lack of justification of payments made by Veen and Exalogic”. “The lack of legitimate services provided and the departure of the funds strengthens the conclusion that payments made to eat and exalogic were fraudulent in nature,” she concluded.
According to the report: “The role of Veena in this system was characterized by an agreement and a clear intention to extend the funds from CMRL, which led to a significant financial loss of the company.”
In this case, the accused are accused of CMRL MD, Sasidharan Kartha, common MD Saran Kartha, several higher officials and Mrs. Veena. “The investigation revealed an agreement between Veena and Sasidharan Kartha to misuse funds,” he said.
SFIO investigation for CMRL activities “revealed a fictitious cash payment of 139 Crore as the cost of handling sled and transport costs along with the CRORE 43 GBP through an excessive commitment involving a well -known seller. This led to incorrect cash abuse for 15 years.”
Kerala State Industrial Development Corporation, which has a 13% stock share of CMRL, was provided pure Chit. “The investigation does not reveal any KSIDC involvement in fraudulent CMRL activities,” the agency reported.
Published – April 25, 2025 21:05
