Kochi, Aug. 20 -- The Directorate of Enforcement (ED), Kochi Zone, has conducted search operations at nine premises at Kozhikode on August 18 under the Prevention of Money Laundering Act (PMLA), 2002, in connection with corporate fraud and bribe payments done by M/s Cochin Minerals and Rutile Limited (CMRL).

According to a press release, the ED had initiated investigations under PMLA based on the investigations initiated by the Serious Fraud Investigation Office (SFIO) for corporate fraud and bribe payments. The SFIO filed a prosecution complaint on April 3, 2015, for corporate fraud.

SFIO investigations revealed that fictitious cash expenses of Rs 182 crore were done by CMRL over a span of 15 years, which were used for bribing various ...