Daijiworld Media Network - Kozhikode
Kozhikode, Aug 20: The Directorate of Enforcement (ED), Kochi Zone, conducted searches at nine premises in Kozhikode on August 18 in connection with an alleged corporate fraud and money laundering case involving Cochin Minerals and Rutile Limited (CMRL).
The searches were carried out under the Prevention of Money Laundering Act (PMLA), 2002. According to the ED, the investigation stems from a probe by the Serious Fraud Investigation Office (SFIO) into alleged corporate fraud and bribe payments linked to CMRL.
The ED said its earlier investigation had indicated that proceeds of crime were allegedly generated under the management of CMRL, led by SN Sasidharan Kartha, and that payments were made to various individuals. The agency said Veena was among those who allegedly received money from CMRL without providing corresponding services.
During an earlier search conducted on May 27, the ED allegedly recovered handwritten accounts maintained by Veena. According to the agency, the notes contained names of individuals, amounts handled or spent, and details of money allegedly transferred to Dubai. The records reportedly included transactions in both Indian rupees and UAE dirhams.
The ED said the Dubai-related entries amounted to around AED 3.49 lakh, equivalent to approximately Rs 85 lakh, while the Indian rupee accounts covered around Rs 20.05 crore. The handwritten records were seized as part of the investigation.
The agency also said digital devices seized from Veena contained a photograph of a SIM card obtained in another person's name for use with a Wi-Fi router. The ED suspects the arrangement may have been used for internet-based communications. The individuals named in the handwritten records and the person who allegedly provided the SIM card were among those covered in the latest searches.
During the August 18 searches, several digital devices were seized and statements were recorded. The ED also said it found evidence pointing to the alleged transfer of money through hawala channels.
According to the agency, the material seized during the investigation indicates that Veena was allegedly handling amounts beyond her known sources of income and that the figures recorded in the handwritten accounts were over and above the amounts allegedly received from CMRL.
The ED said further legal action would be taken in accordance with the law and that its investigation is continuing.