Thiruvananthapuram, Nov. 4 -- Senior Congress leader Cherian Philip on Tuesday levelled serious allegations against the Kerala Infrastructure Investment Fund Board (KIIFB), calling it a 'white elephant that has pushed Kerala into a severe debt trap.'He accused the government of running KIIFB as a parallel financial system without transparency or legislative accountability.
Philip said KIIFB's income and expenditure accounts are neither audited on time nor placed before the Legislative Assembly as required by law, raising grave concerns over financial propriety.
He alleged that many of KIIFB's dealings remain opaque, especially the fund utilisation through Special Purpose Vehicles (SPVs) and the terms of project contracts, which he said ar...