In connection with its investigation into alleged irregularities in the financial dealings of KIIFB, while he served as Kerala's former LDF government's Finance Minister, the ED gave him a notice requesting his attendance before it.
Thomas Isaac, a senior member of the CPI(M), referred to the Enforcement Directorate's (ED) request for his appearance in connection with its investigation into alleged irregularities in KIIFB's financial dealings when he served as Kerala's previous LDF government's finance minister as "harassment" on Thursday. Isaac confirmed that he has received a new summons from the agency, asking him to appear in front of it on August 11. He added that this time, ED has asked him for information from the previous ten years regarding his bank accounts, assets, foreign remittances, the companies he is a director in, etc.
He stated that while he would respond to the notice in a day or two after speaking with his attorneys, he would decide later on whether or not to appear before the ED after looking into the possibility of contesting the agency's notification. This is an obvious instance of harassment. I'm not sure what they're trying to accomplish, but it's harassment. After consulting with legal professionals and attorneys, the next course of action, such as whether to contest the notification and whether to appear before the ED, would be resolved, he told reporters.
In any case, he continued, it will take time to compile the information for 10 years that the ED has requested. He added that the Reserve Bank of India (RBI) never claimed that the Kerala Infrastructure Investment Fund Board had violated the Foreign Exchange Management Act (FEMA) (KIIFB).
They believe that I'll be alarmed by such behavior. Others may have shared their (ED) experience, according to Isaac. The top Marxist leader had previously received a letter from the ED last month requesting his attendance before it on July 19. Although he was required to attend classes at a party-run institute in the state capital, he declined to appear before the investigation agency.
Then, Isaac said that the BJP government at the Centre was abusing all investigating agencies for its political ends and that the ED notice to him was a "political act." Before the most recent Assembly election, he claimed that the Kerala Infrastructure Investment Fund Board was being pursued by the ED, the CAG, and even the Income Tax Department.
"So what happened next? In response to the initial ED notice, Isaac posted a response on his Facebook page. "KIIFB is the primary agency of the state government for financing large and critical infrastructure projects. Last year, it raised Rs 2,150 crore through its debut masala bond issue as part of its plan to mobilize Rs 50,000 crore to fund large and critical infrastructure projects in the southern state. He also discussed the advantages of KIIFB for the state.