ED Questions CMRL Executive Director in ₹2.78 Crore Exalogic Transaction Probe

The Enforcement Directorate (ED) on Thursday questioned Anil Ananda Panicker , executive director of Cochin Minerals and Rutile Ltd (CMRL) , in connection with its ongoing money laundering investigation linked to alleged financial transactions between CMRL and Exalogic Solutions Pvt Ltd , owned by former Kerala chief minister Pinarayi Vijayan’s daughter Veena T .

Officials said Panicker appeared before the ED office around 10.30 am , marking his second round of questioning in the case. He is the son-in-law of CMRL founder Sasidharan Kartha .

The ED has already questioned CMRL directors and Veena T twice as part of the probe. The case centres on allegations that CMRL paid ₹2.78 crore to Exalogic Solutions without receiving any services in return.

Investigators also allege that Empower India Capital Investments Pvt Ltd (EICPL) , operated by Kartha, extended a ₹50 lakh loan to Exalogic, which was not repaid on time. The agency suspects these transactions led to the generation of “proceeds of crime” under the Prevention of Money Laundering Act (PMLA).

The ED case is based on a Serious Fraud Investigation Office (SFIO) complaint filed in April 2025 before an Ernakulam court. The SFIO probe followed Income Tax Department findings during a 2019 raid , which reportedly flagged irregularities, including suspected fictitious expenditure of around ₹130 crore at CMRL.