Cochin Minerals and Rutile pay-off case: ED questions company CFO

Published 22 June 2026 · politics

Continuing its probe into the alleged pay-off case involving Cochin Minerals and Rutile Ltd. (CMRL) and former Kerala Chief Minister Pinarayi Vijayan’s daughter T. Veena

Continuing its probe into the alleged pay-off case involving Cochin Minerals and Rutile Ltd. (CMRL) and former Kerala Chief Minister Pinarayi Vijayan’s daughter T. Veena, the Enforcement Directorate (ED) has started questioning the CMRL Chief Financial Officer K.S. Suresh Kumar. Kumar appeared at the ED Kochi zonal office on Monday (June 22, 2026) around 11 a.m. He had deposed before the Serious Fraud Investigation Office (SFIO) and had reportedly shared critical information. SFIO under the Ministry of Corporate Affairs had allegedly uncovered fictitious cash expenses of ₹182 crore generated by the CMRL over a span of 15 years, which was reportedly used to bribe various persons.

The financial manager and a senior clerk of CMRL are also likely to appear before the ED on Tuesday (June 23, 2026). The investigative agency has issued a fresh notice to Ms. Veena to appear for another round of questioning on June 29. The fresh summons comes close on the heels of the ED officials inspecting Ms. Veena’s bank lockers in Thiruvananthapuram on June 19. The ED seems determined to amass maximum possible evidence from the related parties before her questioning. Initially, she was questioned for about eight hours on June 17, 2026.

A day before, the ED had questioned Shiby S. Kartha, daughter of Mr. Sasidharan Kartha and director of an associated firm of the CMRL; Saran S. Kartha, joint managing director of the CMRL; and Jaya S. Kartha, wife of Mr. Sasidharan Kartha, in her capacity as director of the EICIPL. The ED probe pertains to allegations that CMRL made payments totalling ₹2.78 crore to the now-defucnt Exalogic Solutions Pvt. Ltd., owned by Ms. Veena, without receiving any services in return. The ED is also reportedly probing loans worth ₹50 lakh extended to Exalogic by Empower India Capital Investments Pvt.

Ltd. (EICIPL) operated by Mr. Sasidharan Kartha, despite her company failing to make timely repayments. The ED case stems from a prosecution complaint filed by the Serious Fraud Investigation Office (SFIO) before a court in Ernakulam in April 2025. According to the the SFIO, the investigation arm of the Ministry of Corporate Affairs, Exalogic and CMRL allegedly entered into an arrangement under which payments were made without any corresponding services being rendered.