KOCHI: The Enforcement Directorate (ED) has expanded its investigation into alleged financial transactions between Cochin Minerals and Rutile Ltd. (CMRL) and Exalogic Solutions, bringing companies linked to businessman Sashidharan Kartha and his family under closer scrutiny.
As part of the ongoing probe, CMRL managing director Saran S Kartha and Jaya S Kartha, wife of Sashidharan Kartha and director of Empower India Capital Investments Pvt Ltd, appeared before the ED’s Kochi office on Tuesday for questioning. Both arrived with a trolley bag, sources said.
Officials have reportedly directed CMRL to submit financial records spanning the past 15 years. Investigators are said to have collected and examined key documents during the session.
According to sources, the agency is now examining not only transactions between CMRL and Exalogic but also the role of related entities, including Nipuna International Pvt Ltd and Empower India Capital Investments Pvt Ltd, both linked to the Kartha family.
Investigators are probing loans worth Rs 50 lakh extended by Empower India Capital Investments Pvt Ltd to Exalogic in two instalments, including why a second loan was sanctioned despite an alleged default in repayment of the first.
The ED is also reviewing the role of Nipuna International Pvt Ltd, which is associated with CMRL and figures in the case records. On Monday, the agency had questioned Shibi S. Kartha, daughter of Sashidharan Kartha and a director of CMRL, who also holds a key position in Nipuna International.
Sources said the agency is attempting to map the flow of funds across CMRL, Exalogic, and associated companies to determine whether they were used to route financial transactions.
Meanwhile, Exalogic owner Veena T. is expected to appear before the ED in Kochi on Wednesday, after being summoned in connection with the ongoing probe. Officials are likely to question her on financial dealings between Exalogic and firms linked to the Kartha family.
