WhatsApp Image 2023-02-26 at 9.49.20 AM (1)
WhatsApp Image 2023-02-26 at 9.49.20 AM

ED’s second summons to Isaac

Kochi: The Enforcement Directorate (ED) has summoned Former Finance Minister T M Thomas Isaac to appear before it in connection with Kerala Infrastructure Investment Fund Bonds (KIIFB) transactions in Kochi on August 11.

Isaac was asked to appear before the ED on July 19, but he could not turn up as he had an appointment at EMS study centre.

Isaac was vice chairman of KIIFB during the last government in Kerala when he was the Finance Minister.

Union Finance Minister Nirmala Sitaraman had raised questions on the KIIFB during the last assembly election when she said that KIIFB was illegal.

The Comptroller and Auditor General of India had in 2019 raised questions on the borrowings made by the KIIFB outside the annual budget for funding infra projects bypassing the limits set on borrowings under Article 293 (1) of the Constitution.

KIIFB had borrowed an amount of Rs3,106.57 crore from financial institutions till 2018-19 by issue of bonds to be repaid from petroleum cess and motor vehicle tax.

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