KOCHI: BJP leader Shone George has made serious allegations against Veena Vijayan, daughter of Kerala Chief Minister Pinarayi Vijayan, claiming that substantial sums of money from the Cochin Minerals and Rutile Ltd (CMRL)-Exalogic deal were deposited into her bank account in Abu Dhabi.
Addressing a press conference, George stated that the commission amount was deposited in an Abu Dhabi-based Commercial Bank to the account of Exalogic Consulting, Media City, UAE. This account was reportedly operated by Veena Vijayan and M Suneesh from 2016 to 2019. According to George, a significant portion of this money was subsequently transferred to various accounts in the US.
George disclosed that he had provided this information to the Enforcement Directorate (ED) Special Director in Chennai on April 19. He alleged that crores of rupees were transacted through this account and claimed that money from SNC-Lavalin Company and PricewaterhouseCoopers (PwC) also flowed into this account.
In light of these allegations, the Serious Fraud Investigation Office (SFIO) is currently investigating the foreign bank account as part of its broader inquiry into financial transactions linked to CMRL. The investigation was expanded to include the Abu Dhabi-based bank account after indications that two foreign companies had made substantial deposits of Rs 3 crore each into it. Central agencies have been closely monitoring this account.
According to SFIO findings, PwC and Canadian firm SNC-Lavalin made multiple deposits into the Abu Dhabi account between 2016 and 2019. The ED’s Kochi office reportedly became aware of these money transfers about a year ago during its investigation into KIIFB’s masala bonds, which allegedly violated the Foreign Exchange Management Act (FEMA).
Shone George has also filed a petition in the Kerala High Court, seeking an investigation into the funds transferred to Veena Vijayan’s company’s overseas account. The Income Tax Interim Settlement Board (ITISB) found that Rs 1.72 crore was received by Veena Vijayan and her company Exalogic from CMRL during 2017-20 without providing any service to the company.
On January 31, the Ministry of Corporate Affairs issued an order handing over the probe into the affairs of Exalogic Solutions, CMRL, and the Kerala State Industrial Development Corporation (KSIDC) to the SFIO. A six-member team, led by Deputy Director M Arun Prasad, has been authorized to investigate the matter.
