The Kochi Zonal Office of the Directorate of Enforcement (ED) has attached assets worth ₹9.08 crore belonging to M/s Cochin Minerals and Rutile Limited (CMRL) under the PMLA, 2002, in connection with payments made to a Kozhikode-based entity.
The Directorate of Enforcement (ED), Kochi Zone conducted searches at 9 locations in Kozhikode on 18-08-2026 under the Prevention of Money Laundering Act (PMLA), 2002 in a case of corporate fraud and payment of bribe by M/s Cochin Minerals & Steel Limited (CMRL).
The ED initiated an investigation under the Prevention of Money Laundering Act based on an investigation by the Serious Fraud Investigation Office (SFIO) into corporate fraud and bribery cases. The SFIO filed a prosecution complaint for corporate fraud on 03.04.2025. The SFIO investigation revealed that CMRL displayed fraudulent cash expenditures totaling ₹182 crore over 15 years, which were used to bribe various individuals. One of the fraudulent expenditures shown by CMRL relates to payments made to Mrs. Veena, daughter of former Kerala Chief Minister Mr. P. Vijayan. Mrs. Veena’s company, M/s Exalogic Solutions Private Limited (a ‘one-person company’), received fraudulent payments totaling ₹2.78 crore from Cochin Minerals and Rutile Limited (CMRL) in the name of IT consultancy services. Further, M/s Empower India Capital Investment Private Limited (EICPL), a company run by CMRL MD Mr. Sasidharan Kartha, had given a loan of Rs 50 lakh to Exalogic, despite Exalogic being unable to repay the loan on time.
Previous ED investigations revealed that CMRL management, led by S.N. Sasidharan Kartha, had amassed proceeds of crime and paid bribes to several individuals. Mrs. Veena was one of those who received money from CMRL without providing any services. Previously, on May 27, 2026, the ED conducted searches at the premises of Mrs. Veena and other CMRL promoters. During that search, the ED recovered handwritten accounting records maintained by Mrs. Veena. These notes contained information about the names of the individuals, the amounts handled or spent, and the amounts remitted to Dubai. These accounts contained details of the amounts handled in “AED” (Dubai’s currency) and Indian Rupees. According to the notes, the amount remitted to Dubai was approximately AED 3.49 lakh (equivalent to approximately ₹85 lakh). The amount in Indian rupees was approximately Rs 20.05 crore.
The ED seized handwritten accounts. A photo of a SIM card used in a Wi-Fi router was also found on the digital devices seized from Ms. Veena. It is suspected that she had obtained this SIM card and Wi-Fi router in someone else’s name to facilitate internet-based calls. The searches included all individuals named in Ms. Veena’s handwritten accounts, as well as the person who provided the SIM card.
During the search operation, several digital devices were seized and statements were recorded. Evidence related to money transactions through hawala channels was also found. The ED’s seizures indicate that Mrs. Veena was handling funds beyond her known sources of income. The amount disclosed in her handwritten accounts significantly exceeds the amount received from CMRL. The ED will initiate legal action in accordance with the law.
Further investigation is ongoing.
Radhika Goyal is Author of Taxconcept Gurugram head office, for deeply reported tax, gst and income tax articles on issues that matter. He splits her time between New Delhi and Bengaluru, and has worked as a reporter, a podcaster and an editor for publications across India.