Thiruvananthapuram: Opposition Leader V D Satheesan on Monday alleged the show-cause notice issued by the Directorate of Enforcement (ED) to Kerala Chief Minister was part of the Central government's tactic to threaten the CPM ahead of the local body polls. 

Talking to the media here, he asserted that the anti-money laundering agency will not proceed with the case, just as it did with earlier investigations related to the LDF government, including the Karuvannur Cooperative Bank scam.

“BJP and CPM will settle this case too. ED had issued a notice to Thomas Isaac during the Lok Sabha elections. Now, with the local body polls around the corner, they have served show-cause notices to the CM, Isaac, and the KIIFB CEO. It’s the BJP’s tactic to threaten the CPM during elections. I’m sure the CPM will be terrified by it,” Satheesan said.

However, senior Congress leader and former Opposition Leader Ramesh Chennithala maintained that there was large-scale corruption behind the KIIFB masala bond issuance. He alleged that CDPQ, a firm linked to SNC Lavalin, was involved in the deal. Chennithala also claimed that the Chief Minister and others made huge gains through the masala bond transaction.

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Echoing Chennithala’s charges, Satheesan reiterated that corruption and irregularities in the masala bond deal were evident. He also recalled the ED’s earlier move against the Chief Minister’s son, Vivek Kiran, in a money laundering case.

“ED served a notice to the CM’s house some days ago. What is its status now? We have no idea. This shows that the central agency is not going to pursue the case,” he added.

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KIIFB (Kerala Infrastructure Investment Fund Board), the state government’s primary agency for financing major infrastructure projects, had raised ₹2,150 crore in 2019 through its debut masala bond issue as part of a broader plan to mobilise ₹50,000 crore. The ED launched a probe into the masala bond deal in 2021, alleging violations of FEMA and RBI norms. According to the agency, funds raised through the bond were diverted for infrastructure development in violation of the rules.

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