Masala Bond: Thomas Isaac is not cooperating with investigation, says ED

KOCHI: The Enforcement Directorate (ED) has informed the High Court that former Finance Minister Dr Thomas Isaac is not cooperating with the Masala bond probe. Advocate Jaydeep Gupta, who appeared for Isaac in the petition against the ED summons, pointed out that the masala bond was based on a collective decision of the KIIFB board and the company's documents should be examined.

ED's counter affidavit did not reach the bench. In view of this, Justice Devan Ramachandran adjourned Thomas Isaac's petition for hearing today. The plea filed by KIIFB questioning the ED's summons was adjourned for consideration on Friday.

According to the ED's affidavit, Thomas Isaac, as Chairman of the Executive Committee and Vice-Chairman of the General Committee of KIIFB, had a major role in allocating the funds raised through the masala bond.

In the counter affidavit filed by Surendra G Kavitkar, Assistant Director of ED, Kochi, it is alleged that Thomas Isaac is making false allegations without appearing before the investigating officer in the case of FEMA violation in Masala Bond and trying to obstruct the investigation.