Kochi: The Enforcement Directorate has summoned senior Kerala CPI(M) leader Thomas Isaac for questioning in connection with a FEMA case linked to the investigation into alleged financial violations during his tenure as the finance minister in the previous LDF government, official sources reported on Sunday.
The 71-year-old politician has been asked to appear at the agency's office in Kochi on January 12, according to the sources. In December, the central agency informed the Kerala High Court that it had withdrawn the earlier summons issued to Mr. Isaac. This announcement came during the hearing of a plea by Mr. Isaac and a KIIFB official, alleging that the ED was only seeking personal information through the summons and requesting its quashing. With the agency withdrawing the initial summons, the HC disposed of the petitions. However, the court also mentioned that the ED was free to continue its investigation in the matter.
ED sources stated that the fresh summons to Mr. Isaac has been issued in light of the HC's decision allowing the agency to proceed with the investigation, under the provisions of the Foreign Exchange Management Act (FEMA), into the end use of ₹2,000 crore raised by KIIFB through masala bonds and its compliance with FEMA norms. The Kerala Infrastructure Investment Fund Board (KIIFB) is the primary agency of the state government for financing large and critical infrastructure projects. It had raised ₹2,150 crore in 2019 through its debut masala bond issue as part of its plan to mobilize ₹50,000 crore for funding large and critical infrastructure projects in the southern state. The ED suspects a contravention of FEMA in this case and has thus initiated a probe.
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