The Directorate of Enforcement (ED) on Tuesday carried out extensive searches at multiple locations linked to Cochin Minerals and Rutile Limited (CMRL), its senior officials, and entities associated with Veena Vijayan, daughter of former Kerala Chief Minister Pinarayi Vijayan, in connection with an alleged corporate fraud and money laundering investigation. The coordinated raids were conducted across Kottayam, Ernakulam, Kannur, Thiruvananthapuram, and Bengaluru as part of an ongoing probe under the Prevention of Money Laundering Act (PMLA). Officials stated that the searches targeted premises linked to CMRL Managing Director SN Sasidharan Kartha, Saran S. Kartha, Veena Vijayan, and her firm Exalogic Solutions Private Limited.
According to the Enforcement Directorate, the investigation originated from an Income Tax Department search conducted in January 2019, during which authorities allegedly uncovered fake expense entries amounting to nearly Rs 130 crore in the company’s financial records. Investigators claimed these expenditures were later admitted before the Income Tax Settlement Commission (ITSC), which also reportedly documented findings related to alleged bribery payments made by the company. Based on these observations, the Serious Fraud Investigation Office (SFIO) initiated a separate corporate fraud investigation into the affairs of CMRL and its associated entities.
The ED stated that the SFIO subsequently filed a prosecution complaint before a court in Ernakulam on April 3, 2025, naming Sasidharan Kartha and 12 others in the alleged fraud case. As per the complaint, fictitious cash expenses amounting to nearly Rs 182 crore were allegedly generated over a span of 15 years and used for bribery-related transactions. Investigators further alleged that around Rs 91 crore was routed as transport service payments to firms owned by members of the Kartha family. The agency believes these transactions formed part of a broader financial irregularity involving diversion and layering of funds.
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The probe agency also alleged that Exalogic Solutions Pvt Ltd, owned by Veena Vijayan, received approximately Rs 2.78 crore from CMRL for alleged IT consultancy services despite “no services being rendered.” In addition, the ED claimed that a company linked to Sasidharan Kartha extended loans worth Rs 50 lakh to Exalogic, even though repayments were allegedly delayed. Officials stated that these financial transactions are being examined to determine whether they were linked to proceeds of crime under anti-money laundering laws. The agency further noted that the Kerala High Court, on May 26, 2026, dismissed a petition filed by CMRL challenging the ED investigation, thereby allowing the probe to continue.
During the searches, ED officials reportedly seized several documents, digital devices, and financial records considered relevant to the investigation. The agency also announced that approximately Rs 18.36 crore spread across 242 bank accounts had been frozen as part of the operation. Authorities said the investigation remains active and additional scrutiny is underway to identify other alleged beneficiaries and trace the movement of suspected illicit funds. The ED has maintained that the financial trail and transaction patterns are being closely examined to establish the extent of the alleged money laundering network.
Meanwhile, the Enforcement Directorate alleged that one of its search teams came under attack following operations conducted at a residence in Thiruvananthapuram where Veena Vijayan and Pinarayi Vijayan were reportedly present. According to the agency, vehicles carrying ED and CRPF personnel were attacked with bricks and iron rods, resulting in injuries to one driver. An FIR has since been registered with the Thiruvananthapuram Police regarding the incident. The agency stated that further investigation is ongoing into both the alleged financial irregularities and the reported attack on enforcement personnel.
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