CMRL pay-off case involving ex-Kerala CM Pinarayi Vijayan’s daughter T. Veena | Explained
Income Tax Interim Settlement Board in 2023 found that T. Veena and her now-defunct company Exalogic Solutions had received monthly payments from CMRL despite there being no evidence of any services given in return. A probe by Serious Fraud Investigation Office revealed fictitious cash expenses of about ₹182 crore over a span of 15 years, allegedly used by CMRL to bribe various persons
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T. Veena, daughter of former Kerala Chief Minister Pinarayi Vijayan, arrives at the Enforcement Directorate (ED) office in Kochi on June 17, 2026 in connection with the probe into the alleged pay-off case involving her now-defunct firm Exalogic Solutions and Cochin Minerals and Rutile Ltd. (CMRL). | Photo Credit: R.K. Nithin
Cochin Minerals and Rutile Ltd (CMRL), a public listed company based in Kochi, Kerala, became the centre of a political storm after searches by the Income Tax Department in January 2019 revealed fake and inflated expenses to the tune of ₹130 crore. Incorporated in 1989 as a public limited company with the main objective of establishing a mineral processing unit for value addition of mineral sand, the company managing director Sasidharan S. Kartha was accused of paying bribes to various persons, including politicians and police officials, to ensure the smooth functioning of their business that depended heavily on public sector undertakings for sourcing its ilmenite raw material.
The Income Tax Interim Settlement Board (ITSIB) in August 2023 found that T. Veena, daughter of former Kerala Chief Minister Pinarayi Vijayan, and her now-defunct company Exalogic Solutions Private Ltd, had received monthly payments from CMRL despite there being no evidence of any services given in return. An investigation by the Serious Fraud Investigation Office (SFIO) under the Ministry of Corporate Affairs revealed fictitious cash expenses of about ₹182 crore over a span of 15 years, which was allegedly used by CMRL to bribe various persons. It found that CMRL had made payments amounting to ₹2.78 crore to Ms. Veena’s company without receiving any services in return. The Enforcement Directorate (ED) registered a case under the Prevention of Money Laundering Act (PMLA) on the basis of a prosecution complaint filed by the SFIO before a court in Ernakulam in April 2025. Ms. Veena appeared at the zonal office of the ED in Kochi on June 17, 2026 for questioning after skipping the initi
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