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Kerala Kaumudi Online
Monday, 07 July 2025 11.55 PM IST

ED issues notices to KIIFB CEO and deputy CEO over alleged violation of rule

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THIRUVANANTHAPURAM: The Enforcement Directorate has issued a notice to KIIFB CEO KM Abraham to appear for questioning in a case of violation of the Foreign Exchange Management Act. He has been asked to report on Friday. Enforcement officials have registered a case against KIIFB, after having issued notices to KIIFB CEO, deputy CEO and head of Axis Bank wholesale, in connection with allegation that they violated the Foreign Currency Management Act. KIIFB Deputy Manager Vikram Jeet Singh has been asked to appear tomorrow.

They have to appear for questioning at the KIIFB office in Kochi. The notice was issued after a preliminary investigation confirmed that widespread irregularities had taken place in KIIFB. A large part of the development work done by the State Government is done through KIIFB. With the announcement of the ED probe, the government will be put under pressure in the elections.

Foreign funds were received through KIIFB without the permission of the Center. This is a violation of the Foreign Exchange Management Act. The masala bond was issued by making Axis Bank an authorized dealer. The notice was issued to Axis Bank, including the wholesale head, finding that this was also a violation of the rules. The ED is also likely to question Finance Minister Thomas Isaac as the investigation into the case intensifies.

TAGS: KIIFB, KIIFB CEO, ENFORCEMENT DIRECTORATE
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