Monthly payoff case: Court grants ED nod to access SFIO chargesheet

Kochi: The Ernakulam additional sessions court has granted enforcement directorate (ED) permission to obtain a copy of the chargesheet submitted by Serious Fraud Investigation Office (SFIO) in the Cochin Minerals and Rutile Ltd (CMRL) monthly payment case.
The central agency had filed a petition seeking a copy so as to gather more details about the offences found against the accused in the SFIO chargesheet. ED had registered a case last year based on SFIO's initial findings. ED is investigating the possible money laundering aspect of the case. The agency can now use SFIO's findings to continue their probe.
The case is of high political significance since T Veena, the daughter of chief minister Pinarayi Vijayan, was named in the SFIO chargesheet. According to sources, the court directed SFIO to provide the copy to ED. ED is now set to send a formal communication to SFIO for the speedy handover of the documents based on the court direction. ED is also likely to summon and question those associated with the case soon.
The SFIO chargesheet was filed under Section 447 of the Companies Act, which deals with corporate fraud. The case pertains to the alleged irregularities in financial transactions between CMRL and Veena's consultancy firm, Exalogic Solutions Pvt Ltd. The SFIO probe found that Exalogic allegedly received Rs 2.7 crore from CMRL without offering any services in return. ED is exploring the possibility of money laundering connected to the transactions involved in the case.