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The ED's focus is primarily on Veena Vijayan's company, Exalogic, along with CMRL and KSIDC, where financial transactions will be thoroughly examined for any irregularities.
Twelve establishments have received notices in Kerala alone.
Justice Devan Ramachandran said if CMRL has engaged in dubious transactions, the KSIDC should try to find out the truth and welcome the investigation and not hide anything.
The Kerala High Court had declined to stay the SFIO probe into state-run KSIDC, Exalogic and Kochi-based mines company CMRL.
The government had given the nod for mineral sand mining to KRMEL following the recommendation of KSIDC.
The High Court of Karnataka had last week dismissed a petition filed by Exalogic against a SFIO probe into its affairs.
In his 46-page judgment, Justice M Nagaprasanna also stated the importance of such investigations in addressing financial crimes that pose risks to the economy.
The High Court of Kerala will be considering Shaun George's petition seeking an SFIO probe into the dealings.
CM's daughter had approached Karnataka High Court seeking a stay on proceedings of the SFIO.
The document criticizes the central government for allegedly distorting Exalogic's bank transactions.