The Kerala High Court, under the stewardship of Justice TR Ravi, has decided not to annul the ongoing investigation by the Enforcement Directorate (ED) into Cochin Minerals and Rutile Limited (CMRL). This decision came on Tuesday amidst a series of pleas from CMRL and its officials seeking to dismiss the probe.
CMRL, a prominent public limited company based in Kerala, is known for its production of synthetic rutile and other industrial chemicals. The ED’s investigation was initiated following allegations of bribery and money laundering against the company. A major claim involved illegal payments purportedly made by CMRL to Exalogic Solutions Pvt. Ltd., an IT firm managed by Veena Thaikkandiyil, daughter of the former Chief Minister of Kerala, Pinarayi Vijayan.
The company and its officials, including Senior Manager NC Chandrashekharan, Senior Officer Anju Rachael Kuruvila, Chief Financial Officer KS Suresh Kumar, and Managing Director SN Sasidharan Kartha, contended that the ED lacked jurisdiction as no scheduled offence under the Prevention of Money Laundering Act was identifiable from the accusations. They also contested the summons issued against them.
Despite the petitions for vigilance investigations being dismissed by vigilance courts and later the High Court, the Serious Fraud Investigation Office (SFIO) is also examining the matter. In response to the summons, the three officials—Chandrasekharan, Kuruvila, and Kumar—complied but later alleged unlawful detention by ED officials. This led the High Court in June 2024 to order the preservation of CCTV footage from the interrogation sessions.
Representing CMRL and its officials were Senior Advocate Siddharth Luthra, along with advocates M Gopikrishnan Nambiar, K John Mathai, Joson Manavalan, Kuryan Thomas, Paulose C Abraham, and Raja Kannan. On the other side, the ED was represented by Special Counsel Zoheb Hussain and Central Government Counsel Jaishankar V Nair.
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The outcome underscores the judiciary’s stance on upholding investigative processes in financial irregularity cases, particularly those involving significant political connections. The High Court’s ruling is a testament to the ongoing efforts to address allegations of corporate malfeasance and maintain transparency and accountability in financial dealings.
