CMRL Ledger Tied to CFO Shows ₹182 Cr in Alleged Fraud

A special ledger maintained by CMRL's former CFO, Suresh Kumar KS, has become a central piece of evidence in the investigation into the company's finances. The ledger, which probe agencies including the Enforcement Directorate are reviewing, allegedly documents fraudulent cash flows totaling ₹182 crore.

The entries show payments made to various entities based on instructions from the managing director, according to people familiar with the probe. Investigators are now tracing where that money went and whether it was routed through shell companies or used for personal gain.

Suresh Kumar served as CMRL's CFO during the period the transactions occurred. The ledger was recovered during a search of company records. It is not a standard accounting book but a handwritten register that investigators say was kept separate from the official books.

The ED's focus is on whether the payments violated the Prevention of Money Laundering Act. If the agency establishes that the cash flows were proceeds of crime, it could attach assets and file a prosecution complaint. The company has not commented on the ledger's contents.

CMRL, a Kerala-based infrastructure firm, has been under regulatory scrutiny since late last year. The current management has said it is cooperating with the investigation. No charges have been filed against Suresh Kumar or the MD at this stage.

The case adds to a growing list of corporate fraud probes in India where internal records, not audited financials, have provided the breakthrough. Investigators are expected to question both former executives in the coming weeks.