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

ED summons Thomas Issac on KIIFB

Kochi: 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 Tuesday.

The process of investigation started about a year ago with ED by sending notices to top officials to appear before it.

Union Finance Minister Nirmala Sitaraman had raised questions on the matter during the last assembly election.

The Comptroller and Auditor General of India had 2019 raised questions on the borrowings made by the KIIFB outside the annual budget for funding infra projects bypassing the limits set ont 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.

Photo Credit: Facebook 

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