New Delhi/Kochi: The Enforcement Directorate conducted searches at 10 locations across Kerala on Wednesday, including the residence of former Kerala chief minister Pinarayi Vijayan, as part of a money‑laundering investigation tied to the Cochin Minerals and Rutile Limited (CMRL) corruption case, officials said.
The raids, the agency said, are linked to alleged financial irregularities involving CMRL and Exalogic Solutions Pvt Ltd, a firm owned by Vijayan’s daughter, T Veena. Officials told news agency ANI that the searches formed part of the ED’s continuing probe into claims that Exalogic received payments from CMRL without rendering services.
The action followed a recent Kerala High Court order that refused to quash the ED’s investigation into the CMRL matter. The agency has been examining whether funds were routed improperly and laundered through various entities.
CMRL, a Kerala‑based manufacturer of synthetic rutile and industrial chemicals, has faced scrutiny following allegations of bribery and money‑laundering. The controversy intensified because the Kerala State Industrial Development Corporation (KSIDC) once held a 13.4 percent stake in CMRL.
CMRL Case: Key Facts
The allegations first emerged in August 2023 when media reports said Exalogic had received Rs 1.72 crore from CMRL between 2017 and 2020 despite providing no services. In response, the Centre ordered the Serious Fraud Investigation Office (SFIO) to launch a detailed investigation.
In April 2025, the Union Ministry of Corporate Affairs approved prosecution proceedings against T Veena over the alleged illegal payments. The SFIO’s 160‑page prosecution complaint named Veena, CMRL managing director Sasidharan Kartha and 25 others as accused, and listed several companies including CMRL, Exalogic Solutions and its subsidiary Empower India Capital Investments.
According to the SFIO, Veena’s company received Rs 2.70 crore from CMRL. In a separate finding, the Income‑tax Interim Settlement Board said in 2023 that Rs 1.72 crore was paid to the company, based on CMRL employees’ statements.
Veena faces charges under Section 447 of the Companies Act, 2013, which deals with corporate fraud and carries a jail term of six months to 10 years, and a fine of up to three times the amount involved, the SFIO’s complaint said.
Although the present probe involves close family links, officials noted that the case does not list Pinarayi Vijayan as an accused. The ED’s searches nonetheless fuelled political debate in Kerala, where opposition and ruling camps have traded accusations since the matter surfaced.
