The Enforcement Directorate (ED) has now shifted its investigation in the CMRL–Exalogic monthly pay-off case towards Mohammed Riaz, CPM leader, former minister in the Pinarayi Vijayan cabinet, and husband of Veena Vijayan. Reports suggest that the ED is all set to probe his bank accounts and assets. The ED will examine whether the monies that came into Veena’s accounts were transferred to Riaz’s bank accounts.
Veena Vijayan, daughter of CPM supremo and former CM Pinarayi Vijayan, has been facing repeated ED enquiries and interrogations in connection with the CMRL–Exalogic monthly pay-off case.
The ED is enquiring into the money transactions operated from Veena’s accounts. In this connection, Riaz’s bank accounts and assets are being observed. Earlier, his Kozhikode residence was raided by the ED on the same day (May 27) that Pinarayi’s Thiruvananthapuram residence was raided, following permission granted by the court.
Determining which account the CMRL funds meant for Veena were transferred to is an important aspect of the investigation. Most of the transactions between CMRL and Exalogic Solutions took place between 2017 and 2020. Mohammed Riaz and Veena got married on June 15, 2020.
According to reports, Exalogic Solutions, fully owned by Veena Vijayan, was launched in 2014–15 with a capital of one lakh rupees. Investigation agencies have found that the company subsequently received huge amounts during the 2017–19 financial years.
Observers assume that once Mohammed Riaz is probed, the next target will be Pinarayi Vijayan.
The CMRL–Exalogic case:
The CMRL–Exalogic case relates to alleged financial transactions between Cochin Minerals and Rutile Limited (CMRL) and Exalogic Solutions Pvt. Ltd., owned by Veena Vijayan. According to investigating agencies, Exalogic received about Rs 2.78 crore from CMRL between 2017 and 2020 for consultancy and software services, allegedly without rendering corresponding services. Based on the findings of the Income Tax Department and the Serious Fraud Investigation Office (SFIO), the Enforcement Directorate registered a money-laundering case under the PMLA. Since then, the ED has conducted searches, questioned Veena Vijayan multiple times, and is probing the money trail and the utilisation of the funds.
So far, no CPM leader has demanded an explanation from Pinarayi Vijayan, with the party maintaining that the investigation is a case of political vendetta. Instead, CPM leaders have continued to criticise the Enforcement Directorate, and party workers reportedly attacked ED officials following the searches conducted in connection with the case.
Meanwhile, during Pinarayi Vijayan’s tenure as Chief Minister, Keralam witnessed allegations of fiscal mismanagement and large-scale corruption, with the cooperative banking sector emerging as one of the biggest flashpoints. The Karuvannur Service Cooperative Bank scam became the most prominent case.
According to the Enforcement Directorate (ED), the fraud involved alleged illegal and benami loans worth around Rs 344 crore, while assets worth over Rs 128 crore were attached during the investigation. The ED named several CPM leaders, including former minister A. C. Moideen, and alleged that the proceeds of crime were routed through persons linked to the party.
Besides Karuvannur, allegations of financial irregularities also surfaced in other CPM-linked cooperative institutions, including the Kandala Service Cooperative Bank and the Ayyanthole Cooperative Bank, leading to investigations by central and state agencies. The cases intensified allegations that Kerala’s cooperative banking sector, traditionally regarded as a CPM stronghold, had become vulnerable to large-scale financial irregularities during the party’s rule.
The CMRL–Exalogic probe, coupled with the multi-crore cooperative bank scams that surfaced during Pinarayi Vijayan’s tenure, has intensified scrutiny of the former Chief Minister and the CPM. Critics argue that these cases point to a pattern of alleged corruption and financial irregularities involving leaders associated with the party, raising serious questions about governance and accountability during the CPM’s rule.
