The Kerala High Court deferred the hearing in the Enforcement Directorate (ED)’s masala bond case against former minister and Communist Party of India-Marxist (CPI-M) leader TM Thomas Isaac to May 22, considering the sensitivity of the ongoing general elections. Isaac is contesting from the Pathanamthitta Lok Sabha constituency in the upcoming Lok Sabha elections in Kerala, scheduled for April 26.
The ED is investigating alleged violations of the Foreign Exchange Management Act (FEMA) in the issuance of masala bonds by the Kerala Infrastructure Investment Fund Board in 2019, during Isaac’s tenure as the state’s finance minister. Isaac had challenged the repeated summons issued by the agency, leading to the plea before the high court.
Justice TR Ravi, presiding over the bench, expressed reluctance to disrupt an electoral candidate’s campaign, particularly with less than a month left for the elections. The court emphasized the need to maintain the integrity of the electoral process.
During the previous hearing, the high court had requested the ED to provide evidence of any illicit transactions involving Isaac. Subsequently, the central agency submitted relevant documents to the court.
The judge reviewed the submitted files and noted that while some transactions necessitated explanations, it was not appropriate to disclose details at this stage, given ongoing investigations and the electoral context. The court indicated that the manner in which Isaac responds to the ED’s inquiries would be evaluated later.
Isaac has consistently refused to appear before the ED for questioning, labeling the repeated summons as harassment. He emphasized that the ED’s actions were intended to tarnish his image and vowed to challenge the agency’s summons in court if they persisted.
The case underscores the intersection of legal proceedings and electoral dynamics, highlighting the need for a balanced approach to ensure justice while respecting the electoral process.
