THIRUVANANTHAPURAM: Former Finance Minister Dr TM Thomas Isaac said that the powerful Enforcement Directorate (ED) is losing ground in the KIIFB case. In his Facebook post, Isaac wrote that the central investigation agencies have been trying to destroy KIIFB's credibility for the past two years.

'RBI said that it had issued a no-objection certificate to KIIFB for issuing masala bonds under the Foreign Exchange Management Act (FEMA). It also said that masala bond figures are being provided accurately. The tricks that the ED is practising in many places will not be effective here. Let ED understand that no one will bow down like that here,' he wrote.