ED has intensified its probe in the CMRL-Exalogic case
Veena’s one-person company, Exalogic Solutions Pvt Ltd, received fraudulent payments totalling Rs 2.78 crore from CMRL under the guise of IT consultancy services, according to ED. Further, M/s Empower India Capital Investment Pvt Ltd (EICPL) operated by CMRL MD Sasidharan Kartha extended loans totalling Rs 50 lakh to Exalogic despite it failing to make timely repayments, ED has said. Searches were conducted on 10 premises across various premises in Kottayam, Ernakulam, Kannur, Thiruvananthapuram and Bengaluru. ED had then frozen about Rs 18.36 crore in around 242 accounts identified during the search operations. SFIO filed a prosecution complaint on April 3, 2025, for corporate fraud.
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ED said that evidence relating to the transfer of money using hawala channels was also found. The amounts stated in her handwritten accounts are over and above what was received from CMRL, ED says. Kochi: The Enforcement directorate (ED), probing the CMRL-Exalogic case, has intensified scrutiny of the assets of those involved, including Veena T, daughter of leader of opposition Pinarayi Vijayan . The agency will issue attachment notices once assets are identified as proceeds of crime as part of preparing the prosecution complaint in the case. The seizures made by ED show Veena was handling amounts beyond her known sources of income. The agency is learnt to be preparing the prosecution complaint in the case. The central agency can issue attachment orders following investigation into proceeds of crime and assets in which proceeds of crime are parked. In May, ED raided the premises of CMRL, its directors Kartha, Saran S Kartha, Veena and her company Exalogic Solutions Pvt Ltd. ED had initiated investigations under PMLA based on the investigations initiated by Serious Fraud Investigation Office (SFIO) for corporate fraud and bribe payments. Download the TOI App.