The Enforcement Directorate (ED) has issued a show-cause notice to Kerala Chief Minister Pinarayi Vijayan in connection with alleged violations linked to the ‘masala bond’ issued by the Kerala Infrastructure Investment Fund Board (KIIFB).
Former Finance Minister T.M. Thomas Isaac and KIIFB Chief Executive Officer K.M. Abraham also have received notices from the ED.
ED cites the need for detailed probe in masala bonds case
KIIFB had raised around ₹2,150 crore through masala bond in March 2019, and listing it on the International Securities Market of the London Stock Exchange on April 1, 2019. The ED notice is related to the alleged use of the funds raised through the bonds to purchase land and alleged violation of FEMA norms.
The ED notice to the Chief Minister was reportedly issued a few days ago.
