The Enforcement Directorate (ED) on August 18 conducted searches at nine premises in Kozhikode as part of its money laundering investigation into alleged corporate fraud and bribe payments by Cochin Minerals and Rutile Limited (CMRL), including payments allegedly made to Exalogic Solutions Private Limited, the now-defunct company owned by T. Veena, daughter of former Kerala Chief Minister Pinarayi Vijayan, as reported in The Hindu.
According to the ED, the searches were conducted under the Prevention of Money Laundering Act (PMLA), 2002, and followed an earlier search operation on May 27 at the residences of Veena, Vijayan and former Kerala Public Works Minister P.A. Mohamed Riyas, who is Veena’s husband, as well as premises linked to CMRL promoters.
The agency said its investigation was based on findings of the Serious Fraud Investigation Office (SFIO), which had investigated alleged corporate fraud and bribe payments by CMRL. The SFIO filed its prosecution complaint on April 3, 2025.
The ED alleged that CMRL had recorded fictitious cash expenses amounting to ₹182 crore over a period of 15 years, which were allegedly used for making payments to various persons. One of the expenses identified by the agency was ₹2.78 crore allegedly paid to Exalogic under the guise of IT consultancy services.
The agency further alleged that Empower India Capital Investment Private Limited, operated by CMRL managing director S.N. Sasidharan Kartha, extended loans totalling ₹50 lakh to Exalogic despite the company allegedly failing to make timely repayments.
The ED said its earlier searches had also resulted in the seizure of handwritten accounts allegedly maintained by Veena. According to the agency, the notes contained names of individuals, amounts handled or spent and details of money allegedly transferred to Dubai. The records reportedly mentioned around AED 3.49 lakh, equivalent to approximately ₹85 lakh, and Indian currency transactions totalling around ₹20.05 crore.
The agency also claimed that digital devices seized during the earlier searches contained a photograph of a SIM card obtained in another person’s name for use in a Wi-Fi router. The ED said it suspected that the arrangement was used for internet-based communications.
The agency said individuals named in the handwritten records, as well as the person who allegedly provided the SIM card, were among those covered during the latest searches.
During Tuesday’s operation, the ED said it seized several digital devices and recorded statements. The agency also claimed to have found evidence relating to alleged transfer of money through hawala channels.
The ED further alleged that the material seized during its investigation indicated that Veena was handling amounts beyond her known sources of income, with the amounts recorded in the handwritten accounts allegedly exceeding the payments received from CMRL.
The agency said further investigation is underway and that legal action would be initiated based on the evidence gathered.
The Kerala High Court had earlier dismissed a writ petition filed by CMRL challenging the PMLA proceedings. The court held that the investigation could proceed and noted that a scheduled offence existed following the SFIO’s prosecution complaint.
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