ED questions CMRL MD Kartha’s daughter as probe widens into family-linked firms

Kochi: The Enforcement Directorate (ED) on Monday questioned Shiiby Kartha, daughter of Cochin Minerals and Rutile Limited (CMRL) Managing Director Sasidharan Kartha, in connection with a money laundering investigation involving the company and former Kerala Chief Minister Pinarayi Vijayan’s daughter, Veena T, officials said.

Shiby appeared before the ED office in Kochi around 11 am in response to a summons issued by the agency. Officials said her questioning forms part of the ongoing probe into alleged financial transactions linked to CMRL and associated firms.

Firms linked to Kartha family under ED scrutiny

According to ED sources, Shiby is a director of Nipuna International Private Limited, described as a sister concern of CMRL, which is also under investigation.

The agency is also examining the affairs of Sasja India Private Limited and Empower India Capital Investments Private Limited (EICPL), both linked to the Kartha family.

Sources said notices have been issued to CMRL Managing Director Sasidharan Kartha and his son Saran S Kartha as part of the widening inquiry into the group’s business entities.

Veena T summoned over alleged payments to Exalogic

Veena T has been asked to appear before ED officials on June 17 for questioning in the same case, according to officials.

The investigation relates to allegations that CMRL made payments of Rs 2.78 crore to Exalogic Solutions Private Limited, a company owned by Veena Vijayan, without receiving any services in return.

ED sources also stated that EICPL, operated by Sasidharan Kartha, had extended loans worth Rs 50 lakh to Exalogic. The agency claims the loans were not repaid within the stipulated time.

Allegations of “proceeds of crime” under PMLA

The ED has alleged that transactions between CMRL-linked entities and Exalogic Solutions resulted in the generation of “proceeds of crime”.

The case has been registered under the Prevention of Money Laundering Act (PMLA) based on a prosecution complaint filed by the Serious Fraud Investigation Office (SFIO) before a court in Ernakulam in April 2025.

The SFIO, functioning under the Ministry of Corporate Affairs, had initiated its probe into CMRL after findings by the Income Tax Department.

Earlier income tax findings trigger central probe

CMRL came under the scanner of central agencies following an Income Tax Department raid in January 2019. The raid reportedly flagged irregularities, including expenses suspected to be fictitious and estimated at around Rs 130 crore.