KIIFB CEO Defends Masala Bond Compliance Against ED Allegations
KIIFB CEO K M Abraham clarifies that the board has not violated any laws in the Masala Bond case, addressing allegations from the ED regarding improper fund deployment. He emphasizes that all activities complied with FEMA and RBI guidelines, asserting that the accusations are unfounded and will be legally contested.
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K M Abraham, CEO of the Kerala Infrastructure Investment Fund Board (KIIFB), has strongly refuted allegations by the Enforcement Directorate (ED) regarding violations in the deployment of proceeds from the 2019 Masala Bond issue.
Addressing the controversy on social media, Abraham insisted that the board has adhered to all regulations set by the Foreign Exchange Management Act (FEMA) and the Reserve Bank of India's guidelines. He highlighted that the board is ready to fully cooperate with legal proceedings to refute these claims.
The ED's notice cites alleged misuse of Rs 466 crore; however, Abraham clarified that only Rs 66 crore was allocated for legal infrastructure purposes. He vowed that the board would continue its mission to support infrastructure development in Kerala amidst ongoing scrutiny.
(With inputs from agencies.)
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- KIIFB
- Masala Bond
- FEMA
- RBI
- K M Abraham
- infrastructure
- ED allegations
- Kerala
- transparency
- compliance
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