ED Issues Show-Cause Notice to Kerala CM Pinarayi Vijayan in ₹468 Cr Masala Bond Case

In this breaking news report, the Enforcement Directorate (ED) has issued a show-cause notice to Kerala Chief Minister Pinarayi Vijayan, his personal secretary, and former Finance Minister Thomas Isaac regarding the Masala Bond case. India Today reporter Shibi Mol confirms that the notice, involving alleged FEMA violations to the tune of ₹468 crore, was issued 'around 10 to 12 days ago'. The investigation centers on the Kerala Infrastructure Investment Fund Board (KIIFB), which raised funds via rupee-denominated bonds on the London Stock Exchange in 2019. Shibi Mol notes that while the Chief Minister 'might not have to appear before the ED in person', he can submit a detailed explanation. The report highlights that the funds were allegedly used for infrastructure projects in violation of foreign exchange rules.