![[Masala Bonds Case] "Why only Kerala being probed by ED?": KIIFB to Kerala HC](https://i0.wp.com/lawchakra.in/wp-content/uploads/2024/07/image-46.png?resize=447%2C350&ssl=1)
Today, On 4th July, The Kerala Infrastructure Investment Fund Board (KIIFB) challenged the Enforcement Directorate’s (ED) investigation into the Masala Bonds case, arguing that the Reserve Bank of India (RBI) has sole authority over such matters. The case revolves around allegations of FEMA violations, with KIIFB and former State Finance Minister Thomas Isaac contesting summonses issued by the ED. The legal battle continues.
Former Kerala Finance Minister Thomas Isaac has agreed to appear before the Enforcement Directorate (ED) if the summons specifies the allegations against him in the masala bonds case. The Kerala High Court supports the request for court supervision and has scheduled the appearance of KIIFB officials before the ED. This case holds significant implications for financial regulations in India.
