The Kerala High Court asked former Finance Minister T.M. Thomas Isaac what was preventing him from appearing before the Directorate of Enforcement (ED), which had issued him a summons regarding the probe into the masala bond issued by the Kerala Infrastructure Investment Fund Board (KIIFB).
The counsel for Dr. Isaac said the agency had not informed him about the aspects which he had to explain. The KIIFB had provided the investigation agency with the details it had sought. The counsel argued that Dr. Isaac would not appear before the ED officials as no specific allegations were made against him. The agency cannot conduct a roving inquiry by issuing summons when no proceedings are pending against a person, the counsel argued.
On March 12
However, the counsel for ED insisted on the appearance of Dr. Isaac for interrogation. The ED has served him a notice to appear before its officials on March 12. The ED was probing the alleged violations of the Foreign Exchange Management Act in the issuance of masala bonds. The court said it would supervise the investigation in the case.
