ED Questions CMRL Finance Chief in Ongoing Money Laundering Probe
The Enforcement Directorate is investigating financial transactions between CMRL and Exalogic Solutions, linked to Veena T. The probe, stemming from an SFIO complaint, examines alleged fictitious payments and money laundering, with further questioning scheduled for key individuals involved.
Highlights
- •The ED questioned the CFO of CMRL regarding financial dealings with Exalogic Solutions.
- •The probe investigates alleged payments of Rs 2.78 crore made without services rendered.
- •Veena T has been summoned for further questioning by the ED on June 29.
- •The case was initiated following a 2025 SFIO complaint citing violations of the PMLA.
The Enforcement Directorate (ED) has intensified its money laundering probe involving Cochin Minerals and Rutile Ltd (CMRL), recently summoning its Chief Finance Officer (CFO), Suresh Kumar, for questioning in Kochi. This investigation centers on complex financial transactions between CMRL and Exalogic Solutions Pvt Ltd, a now-defunct entity previously managed by Veena T, the daughter of the former Kerala Chief Minister Pinarayi Vijayan.
Details of the Money Laundering Probe
According to reports from federal investigators, Suresh Kumar was instrumental in overseeing the records pertaining to the financial dealings between the mining company and Exalogic Solutions. The ED considers his testimony essential as they work to map the flow of funds. The agency intends to call upon additional senior CMRL executives in the coming days to provide further clarity on these questionable transactions.
Central to this money laundering probe are allegations that CMRL transferred approximately Rs 2.78 crore to Exalogic Solutions without any tangible services being provided in exchange. Investigators further allege that a secondary firm, Empower India Capital Investments Private Limited—which is controlled by CMRL Managing Director Sasidharan Kartha—extended loans amounting to Rs 50 lakh to Exalogic, despite the firm purportedly failing to adhere to repayment schedules.
The ED maintains the position that both Veena T and the leadership at CMRL were involved in generating what it describes as proceeds of crime through these arrangements. Officials have confirmed that Veena T has been ordered to appear for another round of interrogation on June 29, following an initial questioning session held just last week.
Background and Legal Context
The current legal scrutiny follows a prosecution complaint submitted in April 2025 by the Serious Fraud Investigation Office (SFIO), which operates under the Ministry of Corporate Affairs. The SFIO has formally accused both Exalogic Solutions and CMRL of establishing an arrangement where funds were transferred without corresponding service delivery. The federal case was registered under the Prevention of Money Laundering Act (PMLA).
The focus on CMRL by central agencies originated from search operations conducted by the Income Tax Department in January 2019. Those searches reportedly uncovered significant financial irregularities, including suspected fictitious expenditure estimated at around Rs 130 crore. As the money laundering probe continues, investigators are focused on establishing the full extent of these financial links and determining if violations of the PMLA occurred regarding the alleged illicit funds.
