The Enforcement Directorate on Wednesday conducted searches at 10 locations across Kerala, including the home of ex-Chief Minister Pinarayi Vijayan, in a money laundering probe linked to the Cochin Minerals and Rutile Limited (CMRL) corruption case in which his daughter is implicated.
Officials told news agency ANI that the raids were part of the ED’s ongoing probe into alleged financial irregularities involving Cochin Minerals and Rutile Limited and Exalogic Solutions Pvt Ltd, owned by Vijayan’s daughter T Veena.
The searches came a day after the Kerala High Court refused to cancel the ED’s investigation into the CMRL case.
CMRL, a Kerala-based company engaged in the manufacture of synthetic rutile and industrial chemicals, has been under the scanner over allegations of bribery and money laundering.
The controversy centres on claims that Exalogic Solutions received large sums from CMRL without providing any services in return. Though the case does not directly name Vijayan as an accused, it triggered a major political storm in Kerala. Notably, the Kerala State Industrial Development Corporation had a 13.4 per cent stake in CMRL.
The allegations first surfaced in August 2023 after reports claimed that Exalogic had received Rs 1.72 crore from CMRL between 2017 and 2020 despite rendering no services. Following the revelations, the Centre directed the Serious Fraud Investigation Office (SFIO) to carry out a detailed probe.
In April 2025, the Union Ministry of Corporate Affairs approved prosecution proceedings against T Veena in connection with the alleged illegal payments.
In its 160-page prosecution complaint, the SFIO named Veena, CMRL Managing Director Sasidharan Kartha and 25 others as accused. The agency also named several companies, including CMRL, Exalogic Solutions and its subsidiary Empower India Capital Investments.
According to the SFIO, Veena’s firm received Rs 2.70 crore from CMRL. Separately, the Income Tax Interim Settlement Board reported in 2023 that Rs 1.72 crore had been paid to the company, citing depositions by CMRL employees.
Veena has been charged under Section 447 of the Companies Act, 2013, which deals with corporate fraud. The offence carries a jail term ranging from six months to 10 years, along with a fine that can extend to three times the amount involved in the alleged fraud.
Source: India Today
