ED tightens Exalogic-CMRL probe, summons Veena Vijayan for questioning

The Enforcement Directorate (ED) has stepped up its investigation into the alleged financial transactions between Exalogic Solutions and Cochin Minerals and Rutile Ltd (CMRL), summoning Veena Vijayan, daughter of former Kerala chief minister Pinarayi Vijayan, for questioning on Friday.

The latest move marks a significant escalation in the money laundering probe, with the agency also issuing summonses to eight CMRL officials as it widens its scrutiny of the alleged transactions.

According to officials, the action follows a recent review meeting in Kochi, where ED director Rahul Navin is understood to have directed investigators to expedite the case. The agency has also gained momentum after a Division Bench of the Kerala High Court allowed the probe to continue, clearing the way for further proceedings.

At the heart of the investigation are allegations that CMRL made payments to Exalogic Solutions, a company linked to Veena Vijayan, for services that were allegedly not rendered. The ED is examining whether the transactions constituted proceeds of crime and is tracing the movement of funds through multiple accounts.

In a parallel development, the agency has initiated steps to seek confiscation of Rs 18.36 crore lying in 242 frozen bank accounts. Officials said one of the accounts is linked to Veena Vijayan, while several others, including accounts held with HDFC Bank, could also face attachment proceedings pending approval from the Adjudicating Authority.

Investigators are simultaneously analysing electronic evidence, financial records and banking documents seized during recent searches. The agency is also considering an inspection of Veena Vijayan's bank lockers ahead of her scheduled appearance.

The probe received a further boost after a court dealing with company law matters in Kochi directed that key documents from the Serious Fraud Investigation Office (SFIO) charge sheet be handed over to the ED.

The records include 134 documents spread across 54 volumes, comprising contracts, bank statements, income tax records and other financial documents that investigators believe could help establish the flow of funds and the nature of services linked to the transactions.

Besides Veena Vijayan, entities and individuals under the scanner include Exalogic Solutions, CMRL and businessman Sasidharan Kartha.

The ED maintains that its focus remains on determining whether the payments made by CMRL were backed by legitimate services and on establishing the money trail connected to the alleged transactions.

With questioning scheduled later this week and fresh financial records set to be examined, the probe appears to be entering a crucial phase.

With IANS inputs