Close on the heels of the Enforcement Directorate (ED), the Income Tax (I-T) Department has initiated a probe against the Kerala Infrastructure Investment Fund Board (KIIFB) .
The I-T Department has served a notice seeking details of KIIFB projects implemented in the past five years. It has asked KIIFB to submit the details of financial transactions made with the contractors who had been awarded works funded by the agency in the past five years.
Besides, a letter from the Income Tax Additional Commissioner has also sought the details of income tax paid for each project funded by KIIFB in the last five years.
Finance Minister T.M. Thomas Isaac said KIIFB would give replies to the queries sought by the I-T Department and the threat by Central agencies to scuttle development and corner the Left Democratic Front government would not be allowed.
Ammunition to UDF
The probe by the I-T Department, the second by a Central agency against KIIFB, will give enough ammunition to the Opposition United Democratic Front (UDF) as campaigning picks up for the Assembly elections. The LDF is projecting the development initiatives executed through KIIFB as a major achievement under it in the past five years.
The I-T Department’s move comes weeks after KIIFB Chief Executive Officer K.M. Abraham and Deputy Managing Director Vikramjit Singh failed to appear before the ED in Kochi for questioning in connection with its probe into the masala bonds of KIIFB.
With the approvals given by the executive and governing body of KIIFB till February 15 this year, the KIIFB funding provided to infrastructure and development projects across the State has risen to ₹63,250.66 crore. Of this, ₹43,250.66 crore is for 889 infrastructure projects and ₹20,000 crore for six land acquisition projects.
