ED won't do anything against KIIFB; we'll resist, says Thomas Isaac
Thiruvananthapuram: Finance minister Dr T M Thomas Isaac reacted through Facebook in connection with the case charged by the Enforcement Directorate (ED) against Kerala Infrastructure Investment Fund Board (KIIFB) Masala Bond.
The minister stated that ED can't do anything against KIIFB. He made it clear that if they are on a fighting mood, we will resist.
The ED is of the stand that extensive irregularities took place in KIIFB Masala Bond and the case was charged on the basis of this. Accepting foreign fund through Masala Bond without permission of the central government is violation of the Foreign Exchange Management Act (FEMA).
The remarks in the CAG report was the major factor considered in the case. Primary investigation was held into KIIFB transactions and Masala Bonds.
KIIFB CEO K M Abraham, deputy managing director Vikramjith Singh and Axis Bank’s Mumbai chief have been summoned to Kochi for interrogation next week.