CMRL-Exalogic pay-off case: Sasidharan Kartha too retracted statement to ED

S.N. Sasidharan Kartha, the managing director of Cochin Minerals and Rutile Limited (CMRL), had also submitted a retraction affidavit to the Enforcement Directorate (ED) in 2024 in connection with statements recorded in the Exalogic-CMRL pay-off case, it has now emerged.

CMRL’s former Chief Financial Officer and Chief General Manager P. Suresh Kumar, along with the current Chief General Manager, had similarly submitted retraction affidavits to the ED in 2024.

Mr. Kartha was interrogated by the ED at his residence on April 17, 2024. In his statement recorded under Section 50 of the Prevention of Money Laundering Act (PMLA), Mr. Kartha allegedly admitted to transferring funds to vendors and withdrawing cash without genuine expenses. He also admitted to payments made to T. Veena, daughter of former Chief Minister Pinarayi Vijayan, and her now-defunct firm Exalogic Solutions Pvt. Ltd. without services rendered, citing personal relationships with Mr. Vijayan.