KIIFB Masala bond case; Relief for Thomas Isaac, court says no questioning until after elections

KOCHI: Relief for Thomas Isaac in the KIIFB Masala bond case as the High Court ruled that the Enforcement Directorate (ED) should not question LDF candidate Thomas Isaac until after the elections. Justice TR Ravi stated that Thomas Isaac is a candidate and should not be disturbed at such a crucial time.

The court also noted that some clarifications are required from examining certain files presented before it by the ED. Additionally, the court verbally clarified that the ED can decide whether it is sufficient to call Isaac for questioning orally or in writing. The case is scheduled to be heard again on May 22. Meanwhile, the court highlighted that the ED had requested Isaac to provide a date for appearing for questioning but did not specify it.

The Enforcement Directorate is investigating KIIFB for potential violations of the Foreign Exchange Act by not seeking approval from the Reserve Bank of India (RBI) in raising masala bonds. A petition filed by former Finance Minister Thomas Isaac and KIIFB, pointing out that the ED is continuously issuing summons for questioning regarding the Masala bond, is currently pending before the High Court.