ED had selectively targeted Kerala, KIIFB tells Kerala HC

‘No probe against masala bonds by entities such as Power Trading Corporation, NTPC’

Published - July 09, 2024 09:06 pm IST - KOCHI

The Kerala Infrastructure Investment Fund Board (KIIFB) on Tuesday reiterated its submission before the Kerala High Court that the Directorate of Enforcement (ED) had selectively targeted the State by conducting an inquiry into the use of Masala bonds floated by it.

The submission was made during the hearing on a petition by former Finance Minister T.M. Thomas Isaac and the KIIFB challenging the summons issued by the ED. Counsel for the KIIFB submitted that dozens of entities, including the Power Trading Corporation and the National Thermal Power Corporation (NTPC), had floated Masala bonds just like the bonds of the KIIFB. However, these bonds had not been brought under the scanner of the ED. The ED had so far not explained why it had initiated an inquiry against the KIIFB.

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