Based on the material recovered during the probe, the ED claimed Veena was handling amounts beyond her known sources of income.
The Enforcement Directorate (ED) on Wednesday claimed it had uncovered fresh evidence in its investigation into an alleged corporate fraud and bribery case linked to Cochin Minerals and Rutile Limited (CMRL), following searches at nine premises in Kozhikode.
The federal agency conducted the searches on Tuesday, August 18, as part of its probe into the alleged money trail involving CMRL and several individuals. The action comes months after the ED carried out searches in May.
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According to the ED, the investigation stems from findings of the Serious Fraud Investigation Office (SFIO), which filed a prosecution complaint in April 2025.
The ED has alleged that CMRL generated fictitious cash expenses amounting to Rs. 182 crore over a period of 15 years. The agency claims the money was used for allegedly bribing various persons.
The investigation has also brought under scrutiny Exalogic Solutions Private Limited, a firm run by Veena, daughter of former Kerala Chief Minister Pinarayi Vijayan.
The ED alleges that Exalogic received fraudulent payments totalling Rs. 2.78 crore from CMRL in the guise of IT consultancy services. According to the agency, the payments were made despite no services being rendered.
The agency has further alleged that another company operated by CMRL's managing director extended a loan of Rs. 50 lakh to Veena's firm even when the company was facing delays in repayment.
Handwritten accounts point to Dubai transfers
The investigation gained further ground during the ED's searches in May, when officials seized handwritten accounts, according to the agency.
The documents allegedly contained details of amounts handled in UAE dirhams and Indian rupees. The ED said the notes recorded around 3.49 lakh AED, equivalent to approximately Rs. 85 lakh, being transferred to Dubai.
The handwritten records also allegedly contained details of transactions totalling around Rs. 20.05 crore in Indian currency.
The latest searches in Kozhikode were focused on individuals whose names appeared in these documents, the ED said.
ED claims evidence of hawala transactions
During Tuesday's searches, officials seized several digital devices and recorded fresh statements, according to the agency.
The ED claimed the material recovered during the operation contained evidence pointing to money transfers through hawala channels.
Investigators also found a photograph of a SIM card on one of Veena's digital devices. The SIM was registered in another person's name, according to the agency.
The ED suspects the SIM card was used in a Wi-Fi router to facilitate internet-based calls while concealing the identity of the person using it.
Investigation continues
Based on the material recovered during the probe, the ED claimed Veena was handling amounts beyond her known sources of income.
The agency said further investigation was under way and that legal action would be taken in accordance with the law.
Published: 19 Aug 2026, 08:51 pm IST
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