The Directorate of Enforcement (ED), Kochi Zone, conducted search operations at nine premises in Kozhikode on August 18, 2026, in connection with its money laundering investigation into corporate fraud and bribe payments involving Cochin Minerals and Rutile Limited (CMRL). The agency said its investigation has also uncovered handwritten accounts maintained by Veena Vijayan, daughter of former Kerala Chief Minister Pinarayi Vijayan, containing details of around Rs. 20.05 crore in Indian currency and 3.49 lakh AED, equivalent to about Rs. 85 lakh, transferred to Dubai.
According to the ED, the accounts contained details of amounts handled in AED (United Arab Emirates Dirham), the Dubai currency, as well as Indian rupees. The agency said the notes showed that around 3.49 lakh AED had been transferred to Dubai, equivalent to about Rs. 85 lakh. The accounts maintained in Indian rupees contained details of about Rs. 20.05 crore, the ED said. The handwritten accounts were seized by the agency.
The ED also said that digital devices seized from Veena Vijayan contained a photograph of a SIM card obtained in the name of another person for use in a Wi-Fi router.
The agency said it suspected that the SIM and Wi-Fi router had been obtained in another person’s name so that they could be used for communications through internet-based calls.
The ED said all the persons named in the handwritten accounts maintained by Veena Vijayan, as well as the person who had provided the SIM card, were covered during the search operations.
During the August 18 search operations, several digital devices were seized and statements were recorded, the agency said. The ED also said evidence relating to the transfer of money through hawala channels was found.
The seizures made during the searches showed, according to the ED, that Veena Vijayan was handling amounts beyond her known sources of income. The agency said the amounts stated in her handwritten accounts were over and above the amount received from CMRL.
The SFIO filed a Prosecution Complaint on April 3, 2025, for corporate fraud. According to the ED, the SFIO investigation revealed that fictitious cash expenses of Rs. 182 crore were incurred by CMRL over a period of 15 years and were used for bribing various persons.
The ED said one of the fake expenses booked by CMRL was towards payment to Veena Vijayan. Her company, M/s Exalogic Solutions Private Limited, an One-Person Company, received fraudulent payments totalling Rs. 2.78 crore from CMRL under the guise of IT consultancy services, according to the agency.
The ED further said that M/s Empower India Capital Investment Private Limited (EICPL), operated by S N Sasidharan Kartha, MD of CMRL, extended loans totalling Rs. 50 lakh to Exalogic despite the company failing to make timely repayments.
The agency said its earlier investigations showed that Proceeds of Crime were generated by the management of CMRL led by S N Sasidharan Kartha and that bribes were paid to various persons. The ED said Veena Vijayan was one of the recipients of money from CMRL without rendering any services.
The latest searches followed a series of actions against Veena Vijayan in the CMRL-Exalogic case. On June 12, 2026, the ED issued a fresh summons asking her to appear for questioning on June 17 after she had sought exemption from appearing on June 12, citing health reasons.
Veena Vijayan appeared before the ED in Kochi on June 17 and was questioned in connection with the Rs. 2.78 crore CMRL payments. The questioning reportedly lasted around nine hours.
On June 19, the ED examined her bank lockers in Thiruvananthapuram as part of its investigation into the CMRL-Exalogic transactions.
The ED had earlier conducted searches on Veena Vijayan and promoters of CMRL on May 27, 2026. During those searches, the agency said it found certain handwritten accounts maintained by her. The handwritten notes contained names of persons, amounts handled or spent, amounts transferred to Dubai and other details.
The ED’s action against Veena Vijayan has intensified since May 2026, with her bank accounts and financial records coming under scrutiny.
