ED questions CMRL finance chief in Exalogic money laundering probe

Kochi: The Enforcement Directorate (ED) on Monday questioned the Chief Financial Officer (CFO) of Cochin Minerals and Rutile Ltd (CMRL) as part of its ongoing money laundering investigation into alleged financial dealings between the company and Exalogic Solutions Pvt Ltd, a firm reportedly owned by Veena T, daughter of former Kerala Chief Minister Pinarayi Vijayan.

CMRL Chief Finance Officer Suresh Kumar appeared before the ED office in Kochi, where he was questioned about financial records linked to transactions with Exalogic. Officials said his role in maintaining accounts and documenting payments was considered important to the probe, and further senior officials from the company have also been summoned in the coming days.

The investigation centres on allegations that CMRL made payments worth around ₹2.78 crore to Exalogic Solutions without receiving any corresponding services. The ED has also examined loans of ₹50 lakh extended by another company, Empower India Capital Investments Private Limited—run by CMRL Managing Director Sasidharan Kartha—to Exalogic, which allegedly remained unpaid.

According to officials, the agency has summoned Veena T for another round of questioning on June 29 following an earlier interrogation. The ED is probing whether these transactions amounted to “proceeds of crime” under the Prevention of Money Laundering Act (PMLA).

The case stems from a prosecution complaint filed by the Serious Fraud Investigation Office (SFIO), which alleged that CMRL and Exalogic had entered into arrangements involving payments without any actual services being rendered. The ED subsequently registered its case under the PMLA based on the SFIO findings.

Earlier, the Income Tax Department had conducted searches in 2019 that reportedly flagged financial irregularities at CMRL, including suspected fictitious expenditure running into approximately ₹130 crore, which later triggered deeper scrutiny by central agencies.

Investigations in the matter are ongoing.