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ED stirs Pinarayi’s masala bond curry further
The New Indian Express Hyderabad
|December 02, 2025
THE Enforcement Directorate has served a show cause notice to Kerala Chief Minister Pinarayi Vijayan, former finance minister T M Thomas Isaac, and the CM’s chief principal secretary K M Abraham over alleged infractions in the issue of masala bonds in 2019 by the Kerala Infrastructure Investment Fund Board (KIIFB).
The Kerala CM is the chairperson of KIIFB, established by the state government to fund infrastructure projects. Isaac was the finance minister and vice-chairperson of KIIFB
KIIFB’s masala bond was issued in 2019, when the regulatory position was crystal clear: land acquisition for infrastructure projects was permissible; investment in real estate business was not,” he said. He also accused the ED of “fabricating” documents.
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The New Indian Express Hyderabad
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