Kochi: Shibi Kartha, the daughter of Cochin Minerals and Rutile Ltd (CMRL) managing director Sasidharan Kartha, appeared before the Enforcement Directorate (ED) at its Kochi zonal office on Monday morning in connection with the CMRL-Exalogic case. Sources indicate that Shibi is a director of one of the companies linked to CMRL.
The ED recently conducted searches on CMRL, its managing director Sasidharan Kartha, and his son Saran S Kartha. The agency will soon record statements from both of them and also question Veena T, the daughter of opposition leader Pinarayi Vijayan. The ED has issued fresh summons to Veena, directing her to appear for questioning on June 17.
Although Veena was scheduled to appear before the ED on Friday, she informed the agency of her inability to do so, citing health concerns. The ED case stems from investigations by the Serious Fraud Investigation Office (SFIO) into CMRL, which allegedly involved fraudulent cash expenses of Rs 182 crore over 15 years. The ED alleges that one of CMRL's fake expenses was a payment to Veena. The agency claims that her company, Exalogic Solutions Pvt Ltd, received fraudulent payments totaling Rs 2.78 crore from CMRL under the guise of IT consultancy services.
Veena will be required to explain what services Exalogic provided to CMRL in exchange for the payments. Additionally, the ED stated that Empower India Capital Investment Pvt Ltd (EICPL), operated by Kartha, extended loans of Rs 50 lakh to Exalogic despite the latter failing to make timely repayments. Veena will also be questioned about these transactions.
