A thorough investigation into the KIIFB masala bond transactions will expose large-scale corruption, Congress Working Committee member Ramesh Chennithala has said.
He was speaking at the Vote Vibe -2025 election dialogue hosted by the Thrissur Press Club on Wednesday. According to him, land transactions carried out under the guise of creating an industrial corridor were essentially real-estate deals.
Mr. Chennithala pointed out that the 9.72% interest rate on the masala bonds was excessively high. The loan, he said, was sourced from CDPQ, a company holding a 20% stake in SNC-Lavalin. Representatives of the company had met with State Ministers for discussions. “The Lavalin connection is unmistakable here,” he alleged.
He revealed that of the ₹2,150 crore raised through the Masala Bonds, ₹1,035 crore had to be repaid last year. More details related to the land deals tied to the bond transactions would be released soon, he added.
Mr. Chennithala said he had little faith in the Enforcement Directorate’s investigation. According to him, the ED has functioned in ways that ultimately benefit the CPI(M). “The ED starts off politically sensitive cases with noise and then goes silent. That is where their political game becomes clear,” he said.
On the Sabarimala gold heist, he said that without judicial oversight, the case would have ended up like the gold smuggling scandal. He expressed satisfaction with the SIT’s investigation and claimed that more Ministers were likely to end up in jail. “There is information that the Ministers were aware of the theft. Why they have not been questioned is still unclear. The CPI(M) is protecting the culprits,” he said.
Mr. Chennithala said the Congress took an unprecedented stand on the Rahul Mamkoottathil case, acting immediately after allegations surfaced. “No party in Kerala’s recent political history has acted as promptly and decisively,” he said.
He added that a political wave in favour of the UDF was building across Kerala ahead of the local body elections. The government, he alleged, had strangled local bodies for 10 years by denying funds and withholding sanctioned allocations. The decentralised governance system had been weakened, generating widespread resentment.
Chennithala criticised the breakdown of law and order, citing rising murders and violence linked to drug use. “The police have failed to control the surge in drug-related crimes,” he said.
Recalling that he had led the Congress to a 70% victory in the 2010 local body elections as KPCC president, he said he expected a repeat in 2025. He added that internal rebellion in this election was minimal, with only a few dissidents in each district. The party’s system of selecting candidates from the grassroots was functioning effectively. “The UDF is set for a strong victory,” Chennithala asserted.
Published – December 03, 2025 08:59 pm IST
