Probe in KSIDC, inspection under SFIO deputy director

THIRUVANANTHAPURAM: The Serious Fraud Investigation (SFIO) team is conducting an inspection at the headquarters of the Kerala State Industrial Development Corporation (KSIDC), a public sector body under the industries department. The inspection is being conducted in the payoff case against chief minister's daughter Veena Vijayan.

SFIO Deputy Director Arun Prasad is leading the inspection. The investigation extends to Veena's Exalogic company and this is presently not functioning. It will also examine the legality of the closure procedures.

Money was given to Veena as a loan under the guise of a financial institution belonging to the owners of CMRL. The SFIO will check whether it has been repaid and what collateral was provided. The SFIO had earlier inspected CMRL's corporate office in Aluva. A six-member team comprising top officials of the corporate ministry is tasked with the probe. Apart from M Arun Prasad, additional director Prasad Adalli, K Prabhu, A Gokulnath, KMS Narayanan and Varun B S are members of the team.