ED case against Kerala Infrastructure Investment Fund Board

The Enforcement Directorate (ED) is learnt to have initiated a probe against Kerala Infrastructure Investment Fund Board (KIIFB) in connection with raising foreign funds by issuing Masala bonds abroad.

The development came close on the heels of Union Finance Minister Nirmala Sitharaman flaying KIIFB during a public address in Kochi.

The ED is learnt to have initiated the case on the basis of a recent report of Comptroller and Auditor General (CAG) citing serious flaws in KIIFB. It even termed raising of foreign funds directly by the state agency as unconstitutional. The ED is learnt to have sent notices to KIIFB senior officials for recording their statements, said sources.