T. Veena, daughter of Kerala CM Pinarayi Vijayan, is accused of fraudulently taking ₹2.78 crore from Cochin Minerals and Rutile Limited (CMRL).
The Serious Fraud Investigation Office (SFIO) says the payments were falsely shown as fees for IT consultancy services that were never provided.
Veena received ₹5 lakh per month as a consultant and an additional ₹3 lakh per month was paid to her firm, Exalogic Solutions Pvt. Ltd.
Exalogic is described as a "one-person company" with no evidence of actual work or services delivered.
The SFIO found Exalogic had a negative net worth of ₹66 lakh and was mainly dependent on income from CMRL.
The main income period was 2017–2019, and the firm’s primary product was an IT tool for school management.
Veena is named as the 11th accused in the SFIO's final complaint filed in an Ernakulam court.
This is the first time the SFIO’s findings have been made public, causing a political controversy in Kerala.
CM Pinarayi Vijayan has defended the transactions, saying they were legitimate and done via bank transfers.
The Kerala High Court has stayed the case proceedings for two months after a petition from CMRL.
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