Kochi: The Directorate of Enforcement (ED) has alleged that Cochin Minerals and Rutile Ltd (CMRL) paid Rs 2.78 crore to Veena T and her Exalogic Solutions Pvt Ltd without getting any services as she was daughter of Kerala Chief Minister Pinarayi Vijayan, media reports said. In a report filed before the Adjudicating Authority, the ED has sought permission to attach properties belonging to the accused.According to the ED, CMRL founder and its MD S N Sasidharan Kartha admitted that payments were made to Veena and Exalogic for no services provided as she was Pinarayi Vijayan’s daughter. According to the ED report, Kartha, who allegedly exercised control over CMRL, orchestrated a scheme to misappropriate Rs 182 crore over 15 years.The ED further alleged that Rs 43 crore was diverted through inflated invoices issued by vendors, who allegedly withdrew excess payments in cash and returned the money to CMRL officials after retaining commissions.The report said payments to Exalogic for alleged software services were not supported by evidence of actual work. It added that statements from Kartha and others, including Veena, indicated that no deliverables had been provided to CMRL, the New Indian Express reported.The Exalogic was financially weak with a negative networth of Rs 66 lakh and a standalone turnover of only Rs 5 lakh, making it largely dependent on funds received from CMRL.The ED claimed that Empower India Capital Investments Pvt Ltd, a non-banking financial company linked to Kartha, provided loans of Rs 50 lakh to Exalogic, which were allegedly later routed out through bank transfers.
ED seeks attachment of properties
