Thiruvananthapuram, Dec. 2 -- The Directorate of Enforcement (ED) has issued show-cause notices to Kerala chief minister Pinarayi Vijayan and former state finance minister TM Thomas Isaac in connection with the case of alleged irregularities under the Foreign Exchange Management Act (FEMA) in the issuance of masala bonds by the State in 2019, an official familiar with the matter said.

Apart from the two leaders, KM Abraham, chief executive officer of Kerala Infrastructure Investment Fund Board (KIIFB), has also been issued a notice, added the official quoted above. The trio has been asked to explain, via a lawyer or chartered accountant, why adjudication proceedings should not start in the case against them.

The central agency has alleg...