The ED alleged the Kerala-based mining company made fraudulent payments amounting to Rs 2.78 crore to Veena’s now-defunct IT firm, Exalogic Solutions, under the guise of IT consultancy services without the actual provision of services.

Upholding the lower court’s decision, a single bench of Justice NR Borkar stated that it found no “perversity and illegality” in the order issued by the magistrate.

The Mumbai Police confirmed that both individuals have been taken into custody, and the investigation into the breach has been handed over to the Crime Branch for further probing.