Kochi, July 25, 2026 (Yes Punjab News)
The Enforcement Directorate (ED) investigation into the CMRL-Exalogic monthly payment case has entered a crucial stage, with former Kerala Chief Minister and CPI(M) leader Pinarayi Vijayan and his daughter Veena T facing increased scrutiny over alleged financial transactions between Cochin Minerals and Rutile Ltd (CMRL) and Veena’s IT firm Exalogic Solutions.
The probe under the Prevention of Money Laundering Act (PMLA) has gained momentum following statements reportedly made by CMRL Managing Director Sasidharan Kartha during questioning by the agency.
According to sources, Kartha told investigators that Exalogic received the contract due to his association with then Chief Minister Pinarayi Vijayan and the influence he allegedly exercised. He also reportedly stated that neither Veena nor Exalogic provided services corresponding to the payments received from CMRL.
The ED considers the statement significant as it examines whether the payments made to Exalogic were genuine business transactions or represented alleged proceeds of crime.
Based on its findings, the agency has initiated attachment proceedings and submitted a report before the PMLA Adjudicating Authority. The ED has reportedly frozen deposits worth Rs 16.5 lakh linked to Veena, including funds held personally and through companies associated with her. Another Rs 15.5 lakh has also been frozen, while her bank locker has been brought under attachment proceedings.
The agency’s verification reportedly found limited balances in the accounts examined, including Rs 1.37 lakh in Veena’s personal account and Rs 27,585 in Exalogic’s account. Officials said the attachments were aimed at preserving assets and evidence connected to the alleged proceeds of crime.
The ED has also frozen assets and investments worth Rs 26 crore belonging to Sasidharan Kartha and members of his family as part of the investigation.
Investigators are now examining whether the evidence gathered provides grounds to name Veena as an accused and whether any political influence was involved in the alleged transactions. The agency is also expected to consider further questioning, including of Pinarayi Vijayan.
The CPI(M) and Vijayan have denied allegations of wrongdoing. BJP state vice-president Shaun George, who is the petitioner in the matter, said the developments indicated serious wrongdoing had taken place.
Former Minister P.A. Mohammed Riyas, who is married to Veena, said he was not aware of the latest developments and could not comment.
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