Kochi, August 21, 2026 (Yes Punjab News)
The Enforcement Directorate (ED) has intensified its money-laundering investigation into the Exalogic-Cochin Minerals and Rutile Ltd (CMRL) case, with the agency examining an alleged hawala trail and financial transactions involving people linked to former Kerala minister and CPI(M) legislator P.A. Mohammed Riyas.
The latest developments follow searches at multiple locations in Kozhikode on August 18, targeting people described as associates of Riyas. The searches were conducted as part of the probe into payments allegedly received by Exalogic Solutions, a now-defunct IT company owned by Riyas’s wife, T. Veena, daughter of former Kerala Chief Minister Pinarayi Vijayan.
According to reports on the ED’s findings, investigators have traced suspected hawala transactions and are examining the movement of around Rs 20.5 crore. Digital devices and handwritten records were also reportedly seized during the searches. The agency is examining whether funds were transferred through informal channels and the role of various individuals in the alleged financial network.
The ED had earlier searched premises linked to Veena and questioned her twice in June in connection with the Prevention of Money Laundering Act (PMLA) case. The agency’s investigation was initiated following findings in the Serious Fraud Investigation Office (SFIO) probe into alleged financial irregularities involving CMRL and Exalogic.
The investigation has now expanded to individuals mentioned in records recovered during earlier searches, including people associated with Riyas. The ED is also examining communications and financial transactions linked to a SIM card allegedly used by Veena, according to reports.
The case has significant political implications for the CPI(M), as the investigation involves the family of Pinarayi Vijayan and has now extended to people close to Riyas. The party has questioned the political intent behind the agency’s references to Veena as the former Chief Minister’s daughter and is preparing to respond politically to the developments.
The ED’s investigation remains underway, and no court has convicted Veena, Exalogic, CMRL, Pinarayi Vijayan or Riyas in the matter.
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