KIIFB masala bond: What violation did ED find after a year of probe, asks Thomas Isaac

Thiruvananthapuram: Kerala's Former Finance Minister Thomas Isaac on Thursday said that even after a year-long investigation, the Directorate of Enforcement (ED) has not found any evidence of rule violation in the issue of masala bonds.
He reiterated that he would not appear before the Directorate of Enforcement (ED).

"What violation of law did ED find after investigating for a year? If there is any breach of the law, of course, we will cooperate with those investigating. But threatening and intimidation won't work. I will go to court. Or prove me that KIIFB has violated the law," he said.

ED is probing the alleged violations of the Foreign Exchange Management Act (Fema) while issuing rupee-denominated bonds in overseas markets. 

Isaac had not appeared before the ED on January 22 as sought by the agency. He was earlier asked to appear before it on January 12, but he had not turned up then either.

High Court had directed Kerala Infrastructure Investment Fund Board (KIIFB) to cooperate with the probe. The court also pointed out that ED was seeking relevant documents for the preliminary investigation. HC will hear the case again on February 1.