On 3 April 2025, the Ministry of Corporate Affairs authorized prosecution proceedings against Veena Vijayan, the daughter of Kerala Chief Minister Pinarayi Vijayan, in connection with the Cochin Minerals and Rutile Limited (CMRL) payoff case, based on a chargesheet filed by the Serious Fraud Investigation Office (SFIO).
The charges involve Exalogic, Sasidharan Kartha (the Managing Director of CMRL), CMRL, and a sister company. Investigations suggest that Veena Vijayan allegedly received ₹2.70 crore without providing any corresponding services.
This decision was made following the SFIO’s report, which identified irregularities in the transaction between CMRL and Exalogic. The charges outlined in the SFIO’s chargesheet carry serious consequences, including potential prison terms of up to 10 years for the accused.
Allegations Of Financial Misconduct
Veena Vijayan and Exalogic are accused of illegally receiving ₹2.70 crore from both CMRL and Empower India, a company linked to Sasidharan Kartha and his wife, who are directors of Empower India. Veena Vijayan, Sasidharan Kartha, Exalogic, and CMRL face charges under Section 447 of the Companies Act, which deals with financial fraud. This section stipulates penalties ranging from six months to 10 years in prison, along with a fine up to three times the embezzled amount.
With the formal sanctioning of prosecution, the trial can now proceed in the economic crimes court in Kochi. Summons will be issued to the accused, including Veena Vijayan, and additional charges have been filed against Sasidharan Kartha and members of the CMRL board of directors.
The investigation has revealed an alleged ₹182 crore embezzlement within CMRL, where fictitious expenses and fake bills were allegedly used to siphon off funds. This scheme was said to involve two companies—Nipuna International Private Limited and Sasja India Private Limited—both connected to Sasidharan Kartha’s family.
The case follows a 14-month investigation that began in January 2024, initially examined by the Income Tax Department’s Interim Settlement Board, before being scrutinized by the Registrar of Companies (ROC), and ultimately investigated by the SFIO. With formal charges now filed, attention is focused on the legal proceedings to determine whether Veena Vijayan will face prosecution for her involvement in this financial irregularity case.