KOCHI: Former finance minister Thomas Isaac has decided to approach the court in case the Enforcement Directorate (ED) sends further summons to appear for interrogation in Kerala Infrastructure Investment Fund Board (KIIFB) masala bond Foreign Exchange Management Act (FEMA) violation case.
Isaac, on his Facebook page, posted reasons for not turning up for the ED interrogation.
In December 2023, the ED withdrew the summons after the Kerala High Court division bench stayed the single bench's decision allowing the ED to issue fresh summons to Isaac. Later, this month Isaac was given a summons twice and he did not turn up, the latest being to appear on Monday. In total, four summons were served to Isaac in the case by now.
Responding on his Facebook page, Isaac said that a detailed reply was given to ED's summons. He said the ED summons is against the essence of what the Kerala High Court directed the national agency not to do. "If the ED sends summons again on the same grounds, I will approach the court for protection," he wrote on his Facebook page.
According to Isaac, the present summons was to appear to give oral evidence regarding the issuance of the KIIFB Masala Bond and utilisation of the proceeds.
"These summons are not part of an investigation into any violation of law as required by FEMA law, but rather an investigation into whether or not a crime can be found. My main argument was that there is no authority to conduct this kind of roving enquiry. Investigation can only be conducted in case of any violation of law or contravention," he wrote.
He maintains that the Kerala High Court accepted his plea and directed that there should be no investigation. Isaac claims that the recent summons are disrespecting the direction of Kerala High Court.
"Now the fresh summons issued by the ED does not respect this essence of the court order and what the court said should not be done, is the same kind of misguided action. ED embarks on another roving investigation. This is illegal and a violation of court order. The current summons is of the same nature as summons withdrawn by ED on intervention of the court," the post read.
Isaac also stated that the positions of vice chairman of KIIFB and chairman of KIIFB executive committee are ex-officio responsibilities as the finance minister. Since he is no longer the finance minister he is not aware of any records or figures of KIIFB.
"Moreover, the disbursement of masala bond funds taken with RBI approval is reported to RBI every month as per rules. RBI, which is the masala bond regulatory authority, has not raised any objection regarding it to date. ED's power here is to investigate any contravention. No such violation has been raised at any stage," he stated.