KIIFB CEO Defends Masala Bond Compliance Against ED Allegations

K M Abraham Refutes Allegations on Kerala Infrastructure Investment Fund Board (KIIFB)

K M Abraham, CEO of the Kerala Infrastructure Investment Fund Board (KIIFB), has countered claims made by the Enforcement Directorate (ED) regarding breaches in the deployment of earnings from the 2019 Masala Bond issue.

Background on the Controversy

• The Enforcement Directorate (ED) has issued a notice citing alleged misuse of Rs 466 crore.
• The alleged breach pertains to the deployment of proceeds from the 2019 Masala Bond issue.

CEO's Response

K M Abraham has taken to social media to address the controversy, insisting that the board has strictly followed all regulations set by the Foreign Exchange Management Act (FEMA) and the Reserve Bank of India's guidelines.

Abraham emphasized the board's readiness to fully cooperate with legal proceedings and refute the claims made by the ED.

Clarification on Misuse of Funds

• According to Abraham, only Rs 66 crore was allocated for legal infrastructure purposes.
• The remaining funds were not misused, as alleged by the ED.

Board's Commitment to Infrastructure Development

Abraham has vowed that the board will continue its mission to support infrastructure development in Kerala despite ongoing scrutiny.

The board remains committed to upholding regulatory compliance and transparency in its operations.

• K M Abraham has refuted ED's allegations on the KIIFB.
• The board is ready to cooperate with legal proceedings.
• Only Rs 66 crore was allocated for legal infrastructure purposes.
• The board remains committed to supporting infrastructure development in Kerala.