KOCHI: A day after it searched nine premises in Kozhikode in connection with alleged corporate fraud and bribery involving Cochin Minerals and Rutile Ltd (CMRL), the ED on Wednesday said it had found evidence of hawala money transfers and that it would take legal action.
The agency said it had seized documents and other materials indicating that Veena T, daughter of Leader of Opposition Pinarayi Vijayan, was handling amounts beyond her known sources of income. “The amounts stated in her handwritten accounts are over and above the amount received from CMRL. ED will initiate legal action,” it said.
The ED said its investigations revealed that proceeds of crime were generated by the CMRL management led by S N Sasidharan Kartha, and bribes were paid to various persons. As per the ED, one of the recipients was Veena, whose now-defunct firm M/S Exalogic Solutions, received money from CMRL without rendering any services.
The ED had on May 27 raided premises linked to Veena and the promoters of CMRL and found handwritten accounts she maintained, containing names of persons, amounts handled or spent, amounts transferred to Dubai and other details.
The notes said around AED 3.49 lakh (approximately `85 lakh), was transferred to Dubai, while accounts maintained in Indian currency covered transactions amounting to about `20.05 crore.
Devices seized from Veena contained a photograph of a SIM card obtained in the name of another person for use in a Wi-Fi router. “It is suspected she obtained the SIM and Wi-Fi router to use it for internet-based calls,” the ED said.
An ED press release said it had initiated inquiries under the Prevention of Money Laundering Act (PMLA) based on investigations by Serious Fraud Investigation Office (SFIO).
The SFIO had filed a prosecution complaint on April 3, 2025, for alleged corporate fraud, after an investigation revealed fictitious cash expenses amounting to `182 crore were recorded by CMRL over 15 years and were allegedly used to bribe various persons.
One of the fictitious expenses booked by CMRL was towards payment to Veena. The ED said her one-person firm Exalogic Solutions Pvt Ltd received fraudulent payments totalling `2.78 crore from CMRL under the guise of IT consultancy services.
Docus seized
The agency said it had seized documents and other materials indicating that Veena T, daughter of Leader of Opposition Pinarayi Vijayan, was handling amounts beyond her known sources of income
