Overview

• The Kerala High Court has imposed a two-month status quo on SFIO proceedings against Exalogic and is considering a PIL seeking a CBI probe into its CMRL dealings.
• In her affidavit, T. Veena asserted she founded Exalogic in 2014 and managed it without any involvement from her father, Chief Minister Pinarayi Vijayan.
• She characterised the plea for a CBI investigation as a 'fishing inquiry' and 'luxury litigation' lacking concrete evidence.
• The SFIO filed a chargesheet in April alleging an 'illegal payment' scandal and uncovered a Rs182 crore fraud at CMRL involving inflated expenses and fake bills linked to Exalogic.
• The ED is preparing a money-laundering investigation into disputed payments from CMRL to Exalogic, raising the stakes in the widening probe.