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Kerala News

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Kerala / The New Indian Express

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Rajeev Chandrasekhar challenges Kerala CM over masala bond borrowing

THIRUVANANTHAPURAM: The BJP has intensified its attack on the Left government by placing the Masala Bond controversy alongside the Sabarimala gold scam as key themes in its election campaign. BJP state president Rajeev Chandrasekhar on Tuesday publicly challenged Chief Minister Pinarayi Vijayan through posts on Facebook and X, raising pointed questions over the financial decisions linked to the Masala Bond issued by KIIFB. Chandrasekhar questioned why the state had borrowed Rs 2,100 crore from foreign markets at 9.5 per cent interest when cheaper borrowing options were available domestically, alleging that the move placed an unnecessary burden on taxpayers. He further claimed that the government had quietly paid Rs 21 crore as commission, demanding to know who benefited and why foreign intermediaries were involved when other states raise bonds within India without such charges. Masala bond notice triggers political debate days before local body polls Why did the Chief Minister go to London to raise money? Who received the Rs 21 crore commission? Why avoid Indian markets where interest rates are lower? Who bears the forex risk, and were FEMA approvals secured as mandated by law? Chandrasekhar asked, stressing that an honest government would have already addressed these concerns. He accused both the CPM and the Congress of lacking transparency, arguing that public funds cannot be treated as party resources shielded from scrutiny. He added that the Masala Bond and Sabarimala gold issues must be thoroughly investigated and not covered up. Party insiders confirmed that the BJP intends to foreground these two issues, projecting them as examples of alleged loot and financial mismanagement by the Left administration. While the CPM has dismissed the Enforcement Directorates notices relating to the Masala Bond as politically motivated, the BJP maintains that the matters require serious investigation by central agencies. KIIFB to repay Rs 2,150-crore masala bonds on schedule Despite the party reiterating development as its primary campaign plank, leaders say corruption will not be overlooked. We have already made it clear that our key goal is development. But that doesnt mean we will ignore the corruption of the Left government, said a senior BJP leader overseeing the states campaign. The Masala Bond issue is being raised across constituencies, and along with the Sabarimala gold scam and other controversies, it will become a major talking point in the coming days. With Chandrasekhar signalling that the BJP will resist any attempt to bury the Masala Bond and Sabarimala cases, party cadres are preparing to amplify both topics as key political weapons in the run-up to the polls.

2 Dec 2025 11:46 am