Congress Working Committee member Ramesh Chennithala criticized the Kerala Infrastructure Investment Fund Board (KIIFB) for allegedly diverting funds for government election campaigns under the guise of advertisements. Chennithala dismissed KIIFB’s explanation that ads improved financial ratings, arguing that ad spending should not determine ratings. He emphasized that ratings are based on financial parameters, not regional publicity campaigns.
Chennithala raised concerns about the spike in ad expenditure during election years, questioning the motive behind it. He highlighted discrepancies in bond interest rates and alleged large sums transferred to personal accounts under the guise of advertisements. Chennithala also questioned KIIFB’s institutional independence, pointing out the dual role of its CEO as head of the Chief Minister’s political office.
Chennithala warned of a potential forensic audit and legal action by a future UDF government if irregularities in KIIFB’s operations were confirmed.
