In a developing money laundering probe,Enforcement Directorate (ED) grilled Shiiby Kartha, daughter of Cochin Minerals and Rutile Limited (CMRL) MD Sasidharan Kartha,on Monday. Shiiby reached ED office in Kochi around 11 a.m. after receiving summons.
Shiiby is director at Nipuna International Private Limited,a company tied to CMRL,now under scrutiny. ED also looking into two other firms linked to Kartha family: Sasja India Private Limited and Empower India Capital Investments Private Limited (EICPL). Notices went out to both Sasidharan and his son Saran S Kartha as part of investigation.
The probe focuses on claims CMRL moved ₹2.78 crore to Exalogic Solutions Private Limited,firm owned by Veena Vijayan, daughter of former Kerala CM Pinarayi Vijayan,without getting any services back. And EICPL reportedly lent ₹50 lakh to Exalogic, despite Exalogic allegedly failing on repayments .
These transactions believed to have generated "proceeds of crime" involving both CMRL and Veena Vijayan. Agency launched its investigation under Prevention of Money Laundering Act (PMLA) after prosecution complaint filed by Serious Fraud Investigation Office (SFIO) in April 2025.
SFIO,working under Ministry of Corporate Affairs,started inquiry into CMRL after Income Tax Department found irregularities during raid in January 2019. This raid reportedly uncovered questionable expenses totaling around ₹130 crore,raising more questions about company's financial dealings .
Veena Vijayan has been called in for questioning by ED on June 17, as investigation unfolds...
