US EditionED Issues Show-Cause Notices to Kerala CM, KIIFB Officials over Alleged FEMA Violations Worth ₹466.91 Crore
- On Saturday, the Enforcement Directorate issued show-cause notices to Kerala Chief Minister Pinarayi Vijayan, former finance minister T.M. Thomas Isaac, and KIIFB Chief Executive Officer K.M. Abraham.
- The ED opened its investigation in 2021 into KIIFB's masala bond, listed on the London Stock Exchange, International Securities Market on April 1, 2019, after concerns about end-use.
- According to the ED's report submitted to the adjudicator, funds raised through the masala bond were used to purchase land, breaching Foreign Exchange Management Act and Reserve Bank of India regulations.
- The Kerala government has moved to the Supreme Court after opposition parties including Congress and BJP seized on the ED notice to criticise KIIFB's financing model and question transparency.
- With the controversy unfolding coming months before the 2026 Assembly election, the matter is now before the constitutional bench after the ED submitted its report to the adjudicating authority.
22 Articles
22 Articles
Notice Issued To Kerala Chief Minister 'Fraud': Congress On Masala Bond Case
The Congress in Kerala on Tuesday said it does not trust the show-cause notice issued by the Enforcement Directorate to Chief Minister Pinarayi Vijayan in the KIIFB Masala Bond case, calling the central agency's move "fraudulent".
ED issues show-cause notices to Kerala CM, KIIFB officials over alleged FEMA violations worth ₹466.91 crore
The Enforcement Directorate (ED) issued show cause notices to Kerala Chief Minister Pinarayi Vijayan and officials of the Kerala Infrastructure Investment Fund Board (KIIFB) in connection with alleged violations under the Foreign Exchange Management Act (FEMA), officials said.
Intention is to force him to take pro-BJP stand as elections approach: Congress's Muraleedharan on ED notice to Kerala CM
Senior Congress leader K Muraleedharan on Monday alleged that the Enforcement Directorate's (ED) show-cause notice to Kerala Chief Minister Pinarayi Vijayan in the KIIFB masala bonds case is politically motivated, noting that it was a deliberate attempt by the centre to "force" the CPI(M)-led LDF government to adopt a "pro-BJP" stance ahead of upcoming assembly elections in the state set to take place next year.
ED Issues Show-cause Notices to Kerala CM, KIIFB Officials over Alleged FEMA Violations Worth Rs 466.91 Cr
Get latest articles and stories on India at LatestLY. The Enforcement Directorate (ED) issued show cause notices to Kerala Chief Minister Pinarayi Vijayan and officials of the Kerala Infrastructure Investment Fund Board (KIIFB) in connection with alleged violations under the Foreign Exchange Management Act (FEMA), officials said. India News | ED Issues Show-cause Notices to Kerala CM, KIIFB Officials over Alleged FEMA Violations Worth Rs 466.91 …
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