KOCHI: The Enforcement Directorate (ED) has informed the Kerala High Court that former finance minister Thomas Isaac is making irrelevant and vague allegations to evade the summons issued to him in connection with the issuance of masala bonds by KIIFB.
The central agency said Isaac was attempting to stagnate the investigation at the very initial stage itself. Terming petition filed by Isaac “premature”, ED said it is well settled that there is not even any cause of action at this stage. The agency filed the counter affidavit on a petition filed by Isaac and KIIFB challenging the summons to appear before it.
ED is probing the contravention of regulations of the Foreign Exchange Management Act (FEMA) in the issuance of masala bonds by the Kerala Infrastructure Investment Fund Board. The issuance of a summons will in no way affect the rights of the person summoned as it is only for preliminary investigation and for the production of documents before the authority, ED submitted in the court.