THIRUVANANTHPURAM: The Serious Fraud Investigation Office ( SFIO ) has filed a chargesheet naming Veena T , daughter of Kerala CM Pinarayi Vijayan , in the CMRL payoff case.
She has been accused by SFIO, which functions under ministry of corporate affairs, of fraudulent transactions amounting to Rs 2.7 crore in the case in the form of alleged monthly payments to her from Kochi-based Cochin Minerals and Rutile Ltd.
The chargesheet, filed in a trial court in Delhi, also names CMRL MD Sasidharan Kartha, director Anil Ananda Panicker, CFO Suresh Kumar, CGM P Suresh Kumar, and statutory auditors Sagesh Kumar K A and Muraleekrishnan A K. Meanwhile, Delhi HC refused on Thursday the mining firm's petition to stay SFIO probe.
SFIO claims its probe reveals that Veena T's company, Exalogic Solutions Pvt Ltd, received Rs 2.7 crore from CMRL without providing any legitimate service. The payments were allegedly routed through CMRL and Empower India Capital Investments Pvt Ltd, a company linked to Kartha's family. The chargesheet states that these payments had no valid business justification, making them a violation of corporate fraud laws.
The accused have been charged under Companies Act, 2013 Sect 447, which deals with corporate fraud. If convicted, they face minimum imprisonment of six months and a maximum of 10 years. Additionally, they could be fined an amount not less than what is involved in the fraud, and up to three times that sum. If the court determines that the fraud involves public interest, the minimum jail term goes up to three years.
SFIO says its investigation also exposed wider financial irregularities at CMRL amounting to Rs 182 crore. Investigators found that expenses were misreported under sludge handling & transportation costs, while Rs 13 crore was allegedly paid in fraudulent commissions to Panicker. The transactions were allegedly carried out through firms linked to Kartha's family. These entities were allegedly used to inflate expenses, fabricate bills and siphon off company funds.
She has been accused by SFIO, which functions under ministry of corporate affairs, of fraudulent transactions amounting to Rs 2.7 crore in the case in the form of alleged monthly payments to her from Kochi-based Cochin Minerals and Rutile Ltd.
The chargesheet, filed in a trial court in Delhi, also names CMRL MD Sasidharan Kartha, director Anil Ananda Panicker, CFO Suresh Kumar, CGM P Suresh Kumar, and statutory auditors Sagesh Kumar K A and Muraleekrishnan A K. Meanwhile, Delhi HC refused on Thursday the mining firm's petition to stay SFIO probe.
SFIO claims its probe reveals that Veena T's company, Exalogic Solutions Pvt Ltd, received Rs 2.7 crore from CMRL without providing any legitimate service. The payments were allegedly routed through CMRL and Empower India Capital Investments Pvt Ltd, a company linked to Kartha's family. The chargesheet states that these payments had no valid business justification, making them a violation of corporate fraud laws.
The accused have been charged under Companies Act, 2013 Sect 447, which deals with corporate fraud. If convicted, they face minimum imprisonment of six months and a maximum of 10 years. Additionally, they could be fined an amount not less than what is involved in the fraud, and up to three times that sum. If the court determines that the fraud involves public interest, the minimum jail term goes up to three years.
SFIO says its investigation also exposed wider financial irregularities at CMRL amounting to Rs 182 crore. Investigators found that expenses were misreported under sludge handling & transportation costs, while Rs 13 crore was allegedly paid in fraudulent commissions to Panicker. The transactions were allegedly carried out through firms linked to Kartha's family. These entities were allegedly used to inflate expenses, fabricate bills and siphon off company funds.
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