ED Expands CMRL-Exalogic Probe With Fresh Questioning of Joint Managing Director

The Enforcement Directorate (ED) on Monday questioned Sharan S. Kartha , Joint Managing Director of Cochin Minerals and Rutile Ltd (CMRL) , as part of its ongoing money laundering investigation into alleged financial transactions between the company and Exalogic Solutions Pvt Ltd , owned by Veena T. , daughter of former Kerala Chief Minister Pinarayi Vijayan .

Kartha arrived at the ED office in Kochi around 10.15 am for what officials said was his second round of questioning in the case. He was previously interrogated on June 16 . As part of the probe, the agency has also questioned Kartha's wife and daughter, while Veena has appeared before investigators twice earlier this month.

The investigation centres on allegations that CMRL transferred ₹2.78 crore to Exalogic Solutions without receiving any services in return . The ED has further alleged that Empower India Capital Investments Pvt Ltd (EICPL) , operated by CMRL founder Sasidharan Kartha , extended loans worth ₹50 lakh to Exalogic despite the company allegedly failing to repay them on time.

According to the agency, these transactions led to the generation of "proceeds of crime" involving CMRL's management and Veena. The case has been registered under the Prevention of Money Laundering Act (PMLA) based on a prosecution complaint filed by the Serious Fraud Investigation Office (SFIO) before a court in Ernakulam in April 2025 .

The SFIO launched its investigation into CMRL following findings by the Income Tax Department , which had conducted raids on the company in January 2019 . The searches allegedly uncovered financial irregularities, including around ₹130 crore in suspected fictitious expenditure , prompting further scrutiny by central investigative agencies.

The ED's latest round of questioning marks another step in the agency's effort to trace the alleged flow of funds and examine the financial dealings between CMRL and Exalogic as the investigation continues.