SFIO chargesheet names Kerala CM's daughter Veena Vijayan as accused in financial fraud

Veena Vijayan, daughter of Kerala Chief Minister Pinarayi Vijayan, has been named as an accused by the Serious Fraud Investigation Office (SFIO) in the chargesheet filed by the agency in the Cochin Minerals and Rutile Ltd (CMRL) financial fraud case..According to reports, the Ministry of Corporate Affairs has now granted sanction for prosecution against Veena Vijayan and other accused based on the SFIO's chargesheet for alleged fraudulent payments of ₹2.7 crore made by CMRL to Veena Vijayan's company, Exalogic Solutions..As per the SFIO chargesheet, Exalogic Solutions failed to deliver IT and marketing-related services for which it received a sum of ₹2.7 crore from CMRL.The fraudulent scheme was allegedly facilitated through two companies, Nipuna International Private Limited and Sasja India Private Limited.The chargesheet also names Exalogic, CMRL's Managing Director Sasidharan Kartha, CMRL itself, and a sister company in connection with the caseThe SFIO has levelled multiple charges under the Companies Act, 2013 against the accused individuals regarding payment of fraudulent expenses without any actual services rendered or costs being incurred. The most significant charge involves fraudulent payments of ₹2.7 crore made to Veena Vijayan and Exalogic Solutions Pvt Ltd, where she serves as a director.These payments, according to the SFIO, were made without any actual services being rendered.The SFIO has charged her under Section 447 of the Companies Act which deals with punishment for fraud.This provision carries stringent penalties including imprisonment up to 10 years and fine that can extend to three times the amount involved in the fraud.The chargesheet has also invoked Section 447, 448 (punishment for false statement), 129 (financial statement) and 134 (financial statement, board's report, etc) of the Companies Act against the other accused..The Kerala High Court had recently dismissed petitions seeking a probe into corruption allegations against CM Pinarayi Vijayan and Veena Vijayan related to CMRL issue.These petitions challenged the vigilance court's decision dismissing calls for an investigation into the alleged payoffs by CMRL.