The Directorate of Enforcement (ED) on Tuesday informed the Kerala High Court that its investigation into the alleged violations of the Foreign Exchange Management Act (FEMA) in the floating of masala bonds by the Kerala Infrastructure Investment Fund Board (KIIFB) is delayed because of the non-cooperation of former Finance Minister T.M. Thomas Isaac.
The submission was made before the court when petitions filed by Dr. Isaac and KIIFB challenging the summons issued by the ED came up for hearing.
The ED, in an affidavit, further submitted that Dr. Isaac was giving scant regard to the law of the land and had gone on to challenge the ED proceedings by keeping away from the investigation. He neither appeared before the ED nor produced any records showing that his hands are clean. His conduct is unbecoming of a law-abiding citizen and the ED would be forced to resort to measures under the PMLA to enforce the summon.
