SFIO Investigation Reveals Financial Irregularities in Veena T's Firm and CMRL Dealings
The Serious Fraud Investigation Office (SFIO) has uncovered financial irregularities involving Exalogic Solutions Pvt Ltd, a software firm linked to Veena T, daughter of former Kerala Chief Minister Pinarayi Vijayan, and Cochin Minerals and Rutile Ltd (CMRL). The SFIO's report, part of an ongoing Enforcement Directorate (ED) money laundering investigation, highlights that Exalogic received significant payments from CMRL for consultancy work without delivering visible outcomes. The firm, incorporated with minimal capital, reportedly derived a large portion of its revenue from CMRL contracts during 2017-2019. Veena T allegedly received a monthly retainer, while Exalogic was paid separately, raising questions about the dual payment structure. The SFIO also pointed to collusion involving CMRL's former managing director and a non-banking finance company, which extended loans to Exalogic. The investigation revealed alleged misappropriations at CMRL, including fictitious cash expenses and over-invoicing, totaling... 
