Kerala Masala Bond Case: ED Issues Fresh Summon To Ex-finance Minister Thomas Isaac

The Enforcement Directorate has issued a fresh summons to former Kerala Finance Minister Thomas Isaac in connection with the Kerala Infrastructure Investment Fund Board's (KIIFB) masala bond case, the agency said on Sunday.

The former minister has been directed to appear before the agency on12 January for questioning.

The ED on 15 December withdrew its earlier summons to Isaac after he moved the Kerala High Court, claiming that there is no case of black money against him and that if there is any violation of the Foreign Exchange Management Act (FEMA) Act, then the Reserve Bank should check it.

"An investigation cannot be conducted to find evidence. If there is evidence, we can investigate. An inquiry may be made if there are reasonable grounds. ED cannot conduct unnecessary investigations." Kerala High Court noted.

The ED counsel informed the High Court that all summonses against TM Thomas Isaac and KIIFB have been withdrawn.

KIIFB is the primary agency of the state government for financing large and critical infrastructure projects and in 2019 raised Rs 2,150 crore through its debut masala bond issue as part of its plan to mobilise Rs 50,000 crore to fund large and critical infrastructure projects in the southern state. (ANI)