Kochi, the CEO, who is investigating a CMRL-linked money laundering case involving Veena T, daughter of former Kerala Chief Minister Pinarayi Vijayan, approached the court here seeking access to documents collected by the SFIO during its investigation into the matter.
The Enforcement Directorate has filed a petition before the Special Prevention of Money Laundering Act court in Kochi seeking copies of documents collected by the Serious Fraud Investigation Bureau, which investigated the alleged “bogus” expenditures admitted by Cochin Minerals and Rutile Ltd before the Income Tax Resolution Committee.
ED sources said the documents sought by the agency include records relating to Exalogic Solutions Private Limited, the company owned by Veena, which was engaged in IT consulting services.
The agency asked the court to direct the SFIO to provide copies of documents collected during the investigation. The petition is likely to be heard next week.
The ED investigation relates to allegations that CMRL made payments amounting to $2.78 Crores to Exalogic Solutions Private Limited without receiving any services in return.
According to the CEO, another company, Empower India Capital Investments Private Limited, run by CMRL Managing Director Sasidharan Kartha, has provided loans worth $50 lakhs to Exalogic despite the company’s failure to pay the installments in time.
The agency alleged that CMRL management, led by Kartha and Veena, generated “criminal proceeds” through these transactions.
The CEO registered a PMLA case based on the prosecution complaint filed by the SFIO before a court in Ernakulam in April 2025.
SFIO is the investigative arm of the Ministry of Corporate Affairs.
The CMRL came under the scrutiny of central agencies after a raid by the Income Tax Department in January 2019 that allegedly revealed irregularities, including some expenses suspected to be fictitious amounting to approx. $130 Crores.
CMRL later admitted these expenditures before the Income Tax Reconciliation Committee, following which a complaint was referred to the SFIO for investigation, officials said.
In the prosecution’s complaint, the SFIO alleged that the fictitious cash expenditures amounted to $182 crore has been recorded by CMRL over 15 years. She also claimed that the company paid $91 crore for transportation services to companies owned by the Kartha family.
Last month, the ED conducted searches at 10 locations linked to the case, including buildings linked to Veena and former minister BA Muhammad Riyas, who is her husband.
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