You are here: Home » Current Affairs » News » National
Cooperative sector happy with Centre's decisions, says FM Sitharaman
World seeing India as inspirational place in space sector: ISRO chief
Business Standard

Thomas Isaac not cooperating with probe in KIIFB Masala Bonds case: ED

It said Isaac was trying to stay away from the probe and stall the investigation

Topics
Enforcement Directorate | Thomas Isaac | Kerala

Press Trust of India  |  Kochi 



Enforcement Directorate
The ED is probing the issuance of Masala Bonds by KIIFB which had later informed the court that permission for the issuance of the financial instruments were obtained from the Reserve Bank of India

The (ED) has said that former state Finance Minister T M was not cooperating with the probe into the financial transactions of the Infrastructure Investment Fund Board (KIIFB).

In an affidavit submitted by the ED before the High Court on Saturday, the agency said Isaac was making baseless allegations against the agency.

It said Isaac was trying to stay away from the probe and stall the investigation.

The ED is probing the issuance of by KIIFB which had later informed the court that permission for the issuance of the financial instruments were obtained from the Reserve Bank of India.

The probe agency had earlier issued multiple notices summoning Isaac to appear before it. Isaac had also moved the High Court against the ED.

It said Isaac was trying to stay away from the investigation, making baseless allegations against the ED and was trying to flee from the jurisdiction of the central agency and stall the probe.

The ED has the authority to investigate the Foreign Exchange Management Act (FEMA) violation during the distribution of Masala Bonds, the agency said in the affidavit.

It said the investigation is in the primary stage and hence cannot say anything about the role of Isaac.

"The summons to produce the documents were part of the investigation," ED said.

During hearing of Isaac's plea, the high court had asked why ED cannot question someone if it has any doubts and at the same time it told the probe agency that privacy of an individual cannot be violated.

Left leaders and MLAs had also moved the joint plea in the high court against the ED probe alleging that the same was a "fishing and roving" exercise aimed at discrediting the KIIFB.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


Subscribe to Business Standard Premium

Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!

Insightful news, sharp views, newsletters, e-paper, and more! Unlock incisive commentary only on Business Standard.

Download the Business Standard App for latest Business News and Market News .

First Published: Sun, September 25 2022. 17:35 IST

RECOMMENDED FOR YOU

.