KIIFB masala bonds case: ED issues fresh summon to Kerala's former finance minister Thomas Isaac

Kochi (Kerala) [India], January 19 : The Enforcement Directorate (ED) has issued summons to former Kerala Finance Minister Dr Thomas Issac, directing him to appear before them on January 22 in connection with the masala bond case of the Kerala Infrastructure Investment Fund Board (KIIFB).
This is the second summon issued to Kerala's former minister after Thomas Issac skipped the previous call by ED on January 12.
According to the probe agency, under his tenure, funds were raised and utilised in violation of the Foreign Exchange Management Act by the Kerala Infrastructure Investment Fund Board (KIIFB).
However, Thomas Isaac has rejected the allegations made by the agency.
"ED sends me new summons after withdrawing the ones sent a year ago. Two major differences between the old and new one: For the first time, they have indicated why they are summoning me--information on Masala Bonds of KIIFB. And they deleted questions that compromised my privacy," Thomas Issac said on January 8.
Kerala Infrastructure Investment Fund Board (KIIFB) was established as the principal funding arm of the Government of Kerala on November 11, 1999, by the Kerala Infrastructure Investment Fund Act 1999 (Act 4 of 2000). Through various functions provided in the act, KIIFB aims to channel fund for critical and large public infrastructure projects in Kerala.