KOCHI: The Enforcement Directorate (ED) on Tuesday informed the Kerala High Court that its investigation into alleged Foreign Exchange Management Act (FEMA) violations regarding the issuance of Masala Bonds by KIIFB is delayed due to former Finance Minister Thomas Isaac’s lack of cooperation.
The ED submitted this before the court during the hearing of petitions filed by Thomas Isaac and KIIFB, challenging the summons issued by the ED. In an affidavit, the ED further submitted that Isaac has shown disregard for the law and has challenged the ED’s proceedings by refusing to participate in the investigation or provide any evidence to demonstrate his innocence. His behaviour is not in line with that of a law-abiding citizen, and the ED may resort to measures under the Prevention of Money Laundering Act (PMLA) to enforce the summons.
The ED also submitted that minutes of meetings of KIIFB’s executive committee and general body certified that Isaac was the chairman of the executive committee and vice-chancellor of the general body committee.
