CMRL pay case: ED inquires about MD’s daughter company

Shibi Kartha will arrive at the Enforcement Directorate (ED) office on Monday for questioning in connection with the CMRL-Exalogic financial transactions case in Kochi. | Photo credit: PTI

Shiby S. Kartha, daughter of Cochin Minerals and Rutil Ltd (CMRL) Managing Director Sasidharan S. Kartha, was on Monday questioned by the Enforcement Directorate (ED) here in connection with a money laundering case related to the CMRL payment case.

She 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 as part of its probe into an alleged repayment case involving Exalogic Solutions Private Limited, her now-defunct firm, and CMRL.

The ED learned that he questioned Ms. Shibi about alleged fictitious expenses related to CMRL and a company associated with it. She was also told to produce documents related to alleged financial transactions between the firms. The CEO also issued summons to Mr. Karth, Saran S. Karth, his son and the joint managing director and senior officials of the company to appear for questioning. The investigation pertains to allegations that CMRL made payments of ₹2.78 crore to Exalogic without receiving any services in return.

On 27 May 2026, the agency raided Mr Vijayan’s Kannur and Thiruvananthapuram residences as part of an investigation into whether Ms Veena’s firm had received substantial monthly advances from private mining company CMRL during the period 2017-2021, allegedly without providing any tangible service.

According to the ED, another company, Empower India Capital Investments Private Limited (EICPL), run by Mr. Kartha, gave loans worth ₹50,000 to Exalogic, despite the company’s alleged failure to repay on time.

The ED registered a case under the Prevention of Money Laundering Act based on a complaint filed by the Serious Fraud Investigation Bureau in an Ernakulam court in April 2025. During the raids, the ED froze ₹18.36 crore in 242 accounts identified during search operations held on payroll. She claimed that the searches conducted as part of the investigation yielded several incriminating records, accounts, digital evidence, investments and fixed deposits in banks.

Published – 15 Jun 2026 21:20 IST