'Crucial documents, fixed deposit receipts seized': ED moves swiftly after live raids

THIRUVANANTHAPURAM: The Enforcement Directorate (ED) on Wednesday announced the seizure of incriminating documents following a series of coordinated raids across 12 locations in Kerala and Karnataka. The crackdowns are part of an ongoing money laundering probe into the financial transactions between Cochin Minerals and Rutile Ltd (CMRL) and Exalogic Solutions, an IT firm owned by Veena Vijayan.
According to an official press release issued by the central agency, the searches covered multiple premises linked to Veena Vijayan and senior CMRL management. During the operations, investigators recovered substantial evidence, including details of undisclosed investments and bank fixed deposit receipts, which are currently undergoing detailed forensic analysis.
The central agency stated that the enforcement action stems from preliminary findings indicating that the CMRL management and Veena Vijayan illicitly amassed substantial funds through unauthorised channels.
Prior investigations by central agencies revealed that Exalogic Solutions had allegedly received ₹2.78 crore from CMRL under the pretext of providing IT consultancy services—a claim heavily scrutinised by investigators. Furthermore, Exalogic reportedly secured a ₹50 lakh loan from Empower India Capital Investment, a subsidiary entity controlled by CMRL Managing Director Sasidharan Kartha.
The financial web deepens with findings from the Serious Fraud Investigation Office (SFIO), which previously detected that CMRL had fabricated bogus expenses totaling ₹182 crore over the past 15 years. The ED's primary focus has now shifted to tracing the money trail and identifying the ultimate beneficiaries of these diverted funds.
The momentum of the ED's investigation picked up significantly after the High Court dismissed a writ petition filed by CMRL that sought to challenge the legality of the ongoing probe. Following the court's green light, the agency has rapidly intensified its crackdown on the high-profile financial scandal.