KOCHI: In a fresh setback for Cochin Minerals and Rutile Limited (CMRL) in the CMRL-Exalogic case, the Ernakulam Special Court on Monday allowed the Enforcement Directorate (ED) to obtain crucial documents related to the transactions between the two firms.
On Saturday, the ED had moved a plea before the court seeking records, including agreements between CMRL and Exalogic, as part of its money laundering probe. The Serious Fraud Investigation Office (SFIO), which had earlier seized the documents, informed the court that it had no objection to sharing them with the ED.
The court on Monday allowed the ED’s application seeking access to the records, including 134 documents attached to the SFIO report. Rejecting CMRL’s objection against sharing the documents, the court accepted the ED’s argument that the records were crucial for the investigation and questioning of those involved.
Among the documents sought by the ED are the agreement between Veena T and CMRL and Veena’s income tax returns.
The order was issued by the special court dealing with corporate crime cases. The ED also pointed out previous court orders in cases including the Sabarimala matter, where similar records had been made available to investigating agencies.
According to the investigation, CMRL had entered into agreements with Exalogic, the IT solutions company owned by Veena, in the name of providing IT services. However, the ED alleges that no services were rendered under the agreement. Through these contracts, `2.72 crore was allegedly transferred in multiple transactions to Veena and her company.
Sources also said the ED has sought the assistance of cyber forensic auditing experts from the income tax department to trace the source of money transferred by CMRL to the account of Exalogic.
Sources further said the ED has approached the ministry of external affairs and the UAE embassy in New Delhi to examine certain bank accounts in Dubai related to the case.
Agreement between Veena & CMRL sought
The court allowed the ED’s application seeking access to the records, including 134 documents attached to the SFIO report
Among the documents sought are the agreement between Veena T and CMRL and Veena’s income tax returns
