School Software To Metals Consultancy: Probe Questions Rs 2.78 Crore Paid To Veena Vijayan's Firm

Published 9 June 2026 · tech

School Software To Metals Consultancy: Probe Questions Rs 2.78 Crore Paid To Veena Vijayan's Firm Published By, Last Updated: June 09, 2026, 07:43 IST Investigators

School Software To Metals Consultancy: Probe Questions Rs 2.78 Crore Paid To Veena Vijayan's Firm Published By, Last Updated: June 09, 2026, 07:43 IST Investigators questioned how the company came to be engaged as an IT and marketing consultant for a mineral sands manufacturer. The searches were linked to the investigation surrounding Exalogic Solutions, the IT firm owned by Veena. A Ministry of Corporate Affairs investigation has questioned payments of Rs 2.78 crore made by Cochin Minerals and Rutile Ltd (CMRL) to Exalogic Solutions, an IT firm owned by former Kerala Chief Minister Pinarayi Vijayan’s daughter, Veena T, alleging that the company- whose main product was a school and college management software platform- performed no consultancy work for the minerals producer despite receiving monthly retainers. According to Serious Fraud Investigation Office (SFIO) report, CMRL, a listed minerals company in which Kerala State Industrial Development Corporation (KSIDC), a state-run enterprise, holds a 13% stake, went on to receive Rs 2.78 crore in payments despite investigators finding no evidence of services rendered, Indian Express reported.

The allegations form part of an ongoing Enforcement Directorate (ED) money laundering probe involving Exalogic and the CMRL. According to the SFIO report filed before a court in Ernakulam last year as part of prosecution proceedings under the Companies Act, Exalogic’s primary software product was a school and college management application. Investigators questioned how the company came to be engaged as an IT and marketing consultant for a mineral sands manufacturer. As per the report, Veena was retained by CMRL as an IT and marketing consultant for a monthly fee of Rs 5 lakh, while Exalogic separately received Rs 3 lakh per month. Investigators allege that the combined payments totalled Rs 2.78 crore. The SFIO claimed that statements from Exalogic employees, CMRL officials and Veena herself did not reveal evidence of consultancy work, software development or other deliverables linked to the payments. The report further noted that another technology firm hired later by CMRL allegedly carried out a similar study at a lower cost and produced documented outcomes.

Investigators also examined financial transactions between Exalogic and Empower India Capital Investments Pvt Ltd (EICPL), a finance company by former CMRL Managing Director Sasidharan Kartha and his wife. The SFIO alleged that loans extended to Exalogic were followed by repayments made after CMRL funds were received, raising questions about the flow of money. The report further alleged collusion between Veena and Kartha, citing email exchanges that investigators said focused largely on invoicing and payment processing rather than consultancy work. The Exalogic-related findings emerged during a wider SFIO investigation into CMRL’s finances. Investigators have alleged that the company recorded fictitious cash expenses and inflated invoices over several years, resulting in alleged misappropriation of Rs 182 crore. Veena has denied all allegations. In a counter affidavit before the court, she maintained that her transactions with CMRL were lawful, transparent and supported by valid agreements. Following recent ED searches linked to the probe, the CPI(M) accused the central agency of targeting political opponents and described the action as politically motivated.