ED Kochi Zonal Office conducted PMLA searches on May 27, 2026 at 12 locations – including Pinarayi Vijayan’s Thiruvananthapuram and Kannur residences, daughter Veena Vijayan’s home, former minister P.A. Mohammed Riyas’s Kozhikode residence, and CMRL MD Sasidharan Kartha’s premises – in connection with alleged fraudulent payments of ₹1.72 crore by Cochin Minerals and Rutile Ltd (CMRL) to Veena Vijayan’s now-defunct IT firm Exalogic Solutions. ED had also frozen ₹18.36 crore across 242 accounts linked to CMRL. The raids followed Kerala High Court’s dismissal (May 26, 2026) of CMRL’s petition to quash the ED probe, with SFIO having independently filed a fraud complaint under Section 447 of the Companies Act.
Key Details
- Regulator: Enforcement Directorate (ED) / SFIO
- Date: 27 May 2026
- Document / Order No.: ED/KOCHI/PMLA/2026/CMRL-EXALOGIC
- Parties: Cochin Minerals and Rutile Limited (CMRL),Exalogic Solutions Pvt. Ltd.,Veena Vijayan,Pinarayi Vijayan,Sasidharan Kartha,P.A. Mohammed Riyas
- Industry Impact: Mining & Minerals / IT Services / Corporate Governance
- Effective Date: 2026-05-27
- Source Type: Enforcement Action – PMLA Search & Seizure / SFIO Fraud Complaint
Why It Matters
The ED’s simultaneous raids on 12 premises including a former Chief Minister’s residences signals heightened PMLA enforcement scrutiny over alleged fraudulent corporate payments to politically connected entities. The concurrent Kerala High Court dismissal of CMRL’s quashing petition and SFIO’s independent Section 447 Companies Act fraud complaint create a multi-agency enforcement environment with significant implications for corporate compliance and related-party transaction disclosures.
FAQ
Q: What is the alleged offence at the centre of the ED’s PMLA action against CMRL and Exalogic Solutions?
A: According to the sources, the ED investigation concerns alleged fraudulent payments of ₹1.72 crore made by Cochin Minerals and Rutile Ltd (CMRL) to Exalogic Solutions Pvt. Ltd., a now-defunct IT firm previously owned by Veena Vijayan, daughter of former Kerala Chief Minister Pinarayi Vijayan. The payments are being examined as potential proceeds of crime under the Prevention of Money Laundering Act (PMLA).
Q: How many premises were searched, what assets were frozen, and who were the key individuals targeted?
A: The ED Kochi Zonal Office conducted searches at 12 locations on May 27, 2026. Key premises included the Thiruvananthapuram and Kannur residences of former Kerala CM Pinarayi Vijayan, the residence of his daughter Veena Vijayan, the Kozhikode residence of former minister P.A. Mohammed Riyas, and the premises of CMRL Managing Director Sasidharan Kartha. Separately, ED had frozen ₹18.36 crore across 242 accounts linked to CMRL.
Q: What was the Kerala High Court’s role in this case, and which other regulator has filed a complaint?
A: On May 26, 2026 — one day before the raids — the Kerala High Court dismissed a petition filed by CMRL seeking to quash the ED’s probe, effectively clearing the way for the enforcement action. Additionally, the Serious Fraud Investigation Office (SFIO) has independently filed a fraud complaint against CMRL under Section 447 of the Companies Act, making this a multi-agency investigation.
