Kochi

The Enforcement Directorate on Monday questioned the Chief Finance Officer of Cochin Minerals and Rutile Ltd as part of its money laundering probe into alleged financial dealings between the company and Exalogic Solutions Pvt Ltd, owned by Veena T.

CMRL CFO Suresh Kumar appeared before ED officials at the agency’s Kochi office on Monday morning.

According to officials, Kumar’s examination is considered significant because he oversaw records relating to financial transactions between CMRL and Exalogic Solutions. The agency is also expected to question other senior CMRL officials in the coming days.

The ED has meanwhile summoned Veena T for another round of questioning on June 29, following her initial appearance before investigators last week.

Allegations Under Probe

The investigation centres on allegations that CMRL paid Rs 2.78 crore to Exalogic Solutions without receiving any corresponding services.

The ED has further alleged that Empower India Capital Investments Private Limited, operated by CMRL Managing Director Sasidharan Kartha, extended loans worth Rs 50 lakh to Exalogic despite alleged repayment defaults.

Investigators claim these transactions resulted in the generation of “proceeds of crime” under the provisions of the Prevention of Money Laundering Act.

Basis of the Case

The ED registered the case after a prosecution complaint was filed by the Serious Fraud Investigation Office before a court in Ernakulam in April 2025.

The SFIO alleged that Exalogic Solutions and CMRL entered into an arrangement under which payments were allegedly made without any actual services being rendered.

CMRL had earlier come under scrutiny after an Income Tax Department search in January 2019 reportedly uncovered financial irregularities, including suspected fictitious expenditure amounting to nearly Rs 130 crore.

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The ED investigation is ongoing.