Kerala CM: ED notices on KIIFB masala bonds 'ridiculous', political move

• Kerala CM Pinarayi Vijayan termed ED notices over KIIFB masala bonds "ridiculous" and a political move.
• The ED issued a Rs 466-crore show cause notice under FEMA to CM Vijayan, former finance minister Thomas Issac, and CM's principal secretary K M Abraham.
• The notices relate to the KIIFB Masala Bond case, concerning the end use of Rs 2,000 crore raised and FEMA compliance.
• KIIFB is Kerala's primary agency for financing large infrastructure projects, having undertaken projects worth over Rs 90,000 crore.
• Vijayan stated KIIFB always functioned per RBI guidelines and views the ED action as an election-time political move.

Why It Matters: ED's KIIFB bond probe could impact Kerala's infrastructure projects.