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Kerala Kaumudi Online
Tuesday, 25 June 2024 2.02 AM IST

ED deems Thomas Isaac's testimony essential in Masala bond case; Non-cooperation deemed violation of law in High Court

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KOCHI: Enforcement Directorate has stated in the High Court that it has found discrepancies in the estimates of funds allocated to various projects in the KIIFB Masala bond and it is possible that the then Finance Minister Thomas Isaac, may have been aware of them. Isaac was summoned to clarify this matter and assist in completing the investigation. According to the affidavit submitted by ED Deputy Director Prashanth Kumar, Isaac's non-cooperation constitutes a violation of the law.

We are considering sending summonses to others involved in the matter but Isaac's statement is deemed essential before this step. Failure on his part to comply may result in legal action. The affidavit also noted that the High Court has not issued a stay on the summonses, despite petitions filed by Isaac and KIIFB questioning the ED's actions. Justice T R Ravi postponed the case until May 22nd adding that in case of emergencies, the parties can approach the court's vacation bench.

ED reiterated that the Masala bond was initiated by Finance Minister Thomas Isaac, who served as Vice Chairman of the KIIFB General Committee and Chairman of the Executive Committee. Discrepancies in fund utilization are apparent from certified documents provided by KIFB officials, raising suspicions that Isaac may also have been aware of them. However, further details cannot be disclosed at this stage.

Isaac's testimony is crucial to completing the final investigation under FEMA law. Despite the absence of a court-ordered stay on the summonses, Isaac has not cooperated due to the pending petition. In light of this, the ED has requested the court to reject the pleas of Isaac and KIIFB and direct them to cooperate fully with the investigation.

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TAGS: ED, THOMASISAC, TESTIMONY, MASALA BOND
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