New Delhi: The Serious Fraud Investigation Office (SFIO) has initiated a probe into two private firms and a state public sector enterprise, stirring a political storm. The investigation order into Cochin Minerals and Rutile Ltd (CMRL), Exalogic Solutions Pvt Ltd, and Kerala State Industrial Development Corp. will look into alleged illegal payments made to political functionaries, influential persons, government servants, and media houses. The probe, broad in scope, is based on an interim report by the Registrar of Companies, Bengaluru.
The report referred to alleged illegal payments by CMRL to various political functionaries and entities, totaling ₹135 crore. P. Rajeev, Kerala’s minister for law, industries, and coir, has stated that KSIDC, the state agency that promotes industrial development in the state, will respond to the allegations.
KSIDC, with a 13.4% stake in CMRL, has moved the Kerala High Court, seeking to be excluded from the investigation. One of the transactions the SFIO will investigate is a contract between CMRL and Exalogic Solutions, a one-person company founded by Veena T, daughter of Kerala Chief Minister Pinarayi Vijayan.
The investigation order into the transaction mentions a sum of ₹1.72 crore. The Karnataka High Court has rejected a petition from Exalogic Solutions challenging the SFIO probe. Emails seeking comments for the story from various involved parties remain unanswered at the time of publishing.
The scope of the SFIO probe into CMRL, Exalogic Solutions, and KSIDC has sparked a political storm and raised questions about the legality of the payments made. The involvement of political functionaries, influential persons, and media houses will be scrutinized, adding an extra layer of complexity to the investigation. The outcome of the probe has the potential to impact the political landscape and corporate governance in Kerala.
