CMRL pay-off case: Company MD Sasidharan Kartha’s daughter appears before ED for questioning
78 crore to Exalogic Solutions without receiving any services in return.
| Photo Credit: The Hindu
Shiby S. Kartha, daughter of Cochin Minerals and Rutile Ltd (CMRL) managing director Sasidharan S. Kartha, appeared before the zonal office of the Enforcement Directorate (ED) in Kochi on Monday morning (June 15, 2026) for questioning in connection with the money-laundering case linked to the CMRL pay-off case. Ms. Kartha is one of the directors of a company associated with CMRL.The central agency had earlier asked Veena T., daughter of former Kerala Chief Minister Pinarayi Vijayan, to appear for questioning on June 17, 2026 as part of the probe into the alleged pay-off case involving Exalogic Solutions Private Limited, her now-defunct firm, and CMRL.The ED is likely to ask Ms. Shibi about the services offered by Ms. Veena’s firm to the CMRL. It had also directed the CMRL officials to submit the documents related to the financial transactions between the company and Ms. Veena’s firm. The ED had also issued notices to Mr. Kartha, Saran S. Kartha, his son and joint managing director, and senior officials of the company to appear for questioning.The probe pertains to allegations that CMRL made payments amounting to ₹2.78 crore to Exalogic without receiving any services in return.The agency had on May 27, 2026 raided the residences of Mr. Vijayan in Kannur and Thiruvananthapuram as part of the probe into whether Ms. Veena’s firm had received sizeable monthly retainers from CMRL, a private mining company, during the 2017-2021 period allegedly without rendering any tangible service.According to the ED, another company, Empower India Capital Investments Private Limited (EICPL), operated by Mr. Kartha, had extended loans worth ₹50 lakh to Exalogic despite the company allegedly failing to make timely repayments.The ED registered a case under the Prevention of Money Laundering Act (PMLA) on the basis of a prosecution complaint filed by the Serious Fraud Investigation Office (SFIO) before a court in Ernakulam in April 2025.
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