KOZHIKODE : India’s Enforcement Directorate (ED) said on Wednesday it had uncovered fresh evidence in an investigation into alleged corporate fraud and bribery involving Cochin Minerals and Rutile Limited (CMRL), following searches at nine premises in Kozhikode.
The federal agency carried out the latest searches on Tuesday, August 18, as part of its investigation into the alleged movement of funds involving CMRL and several individuals.
The ED said its investigation stems from findings by the Serious Fraud Investigation Office (SFIO), which filed a prosecution complaint in April 2025.
According to the agency, CMRL generated fictitious cash expenses totalling about Rs 182 crore over a 15-year period. The ED alleges that some of the money was used to make improper payments to various individuals.
The investigation has also brought Exalogic Solutions Private Limited, a company run by Veena Vijayan, daughter of former Kerala Chief Minister Pinarayi Vijayan, under scrutiny.
The ED alleges that Exalogic received Rs 2.78 crore from CMRL in payments described as being for IT consultancy services, despite the agency’s claim that no corresponding services were provided. It also alleged that another company operated by CMRL’s managing director extended a Rs 50 lakh loan to Exalogic.
The agency said the investigation gathered further evidence during searches conducted in May, when officials seized handwritten accounts allegedly recording cash transactions in Indian rupees and UAE dirhams.
According to the ED, the records referred to about 349,000 UAE dirhams, equivalent to roughly Rs 85 lakh, allegedly being transferred to Dubai. The documents also contained details of transactions totalling about Rs 20.05 crore in Indian currency, the agency said.
The latest searches in Kozhikode targeted individuals whose names appeared in the seized records, according to the ED.
The allegations remain under investigation. The claims made by the ED have not been independently established, and the material provided did not include responses from CMRL, Exalogic or the individuals concerned to the agency’s latest assertions.
India’s Enforcement Directorate has reported new findings in its probe into Cochin Minerals and Rutile Limited, alleging the firm created fake cash expenses of around Rs 182 crore and channelled part of the money as illicit payments. Exalogic Solutions, owned by Veena Vijayan, daughter of former Kerala chief minister Pinarayi Vijayan, allegedly received Rs 2.78 crore without providing services, while seized records suggest cash transfers in rupees and UAE dirhams, including funds traced to Dubai.