Masala Bond: ED to strengthen investigation against Isaac

KOCHI: Based on the High Court's remark and the minutes of the KIIFB meeting, the Enforcement Directorate (ED) will investigate more about former finance minister and CPM leader Dr Thomas Isaac in connection with the masala bond. The central agency will be investigating why Thomas Isaac showed interest in issuing masala bonds despite the opposition of senior officials.

The High Court's verbal remarks on Thursday on the petition filed by KIIFB against the continuous summons issued by the ED are in favour of the ED. The court said that KIIFB should answer the summons and the investigation should continue. ED assesses that this will also apply to Thomas Isaac, who had previously questioned the summons. ED points to the minutes of the KIIFB meetings as evidence of Thomas Isaac's involvement in issuing the masala bond. It was Thomas Isaac who directed to go ahead with the bond despite opposition and dissent from the KIIFB CEO, Finance Secretary and Chief Secretary. ED also points out that the Chief Minister who presided over the meeting did not comment on the matter. Officials have recorded objections in the minutes of the meeting dated 17 January 2019.