I-PAC director Vignesh Chandel was produced before Delhi’s Patiala House court late on Monday night and remanded in 10-day remand by the Enforcement Directorate (ED), though two officials of the investigating agency said the political consultancy firm was allegedly involved in the case. $50 Crores Money Laundering. One of the officials said that the session continued until the early hours of Tuesday morning.
Chandel was arrested in Delhi on Monday in connection with a money laundering investigation linked to illegal coal mining and transportation in West Bengal, officials said. The arrest under the Prevention of Money Laundering Act (PMLA) came more than a week after the DSP raided Chandel’s house and the residence of another I-PAC director, Rishi Raj Singh, and former Aam Aadmi Party communications officer, Vijay Nair, on April 2.
Officials said Chandel, a 33% shareholder in I-PAC, was arrested based on the Delhi Police case. “The CEO initiated the investigation based on the Delhi Police case. The investigation conducted so far has revealed multiple instances of financial irregularities of I-PAC and various methods of money laundering, including receipt of accounted and unaccounted funds, receipt of unsecured loans without any business credentials, issuance of fake bills and invoices, receipt of funds from third parties, and movement of cash through hawala channels, including international hawala,” said an official requesting anonymity.
The investigation showed that the company was involved in laundering proceeds of crime to the tune of several crores, the official added. “The amount discovered so far is approx $50 crore rupees.”
A second official said that statements from people connected to the transactions were recorded during the investigation. “Searches were also conducted [on April 2] Incriminating materials were collected. Chandel’s role in the crime has emerged under investigation. Under the relevant provisions of law, company directors are liable if the crime is committed with their consent, complicity or negligence.
Erectile dysfunction has been claimed to be around $Rs 20 crore of proceeds of crime generated from the alleged coal mining racket were transferred through hawala channels to I-PAC.
In January, the ED accused West Bengal Chief Minister Mamata Banerjee of obstructing inspections and removing evidence as the agency raided the I-PAC office and the residence of its director, Pratik Jain. Banerjee alleged that the ED tried to seize documents related to election strategy from the I-PAC headquarters ahead of the West Bengal Assembly elections.
Banerjee said the CEO targeted I-PAC, which works with the Trinamool Congress, to steal party manifestos.
I-PAC said in January that its role was limited to transparent and professional political advice, free from the influence of political ideology. “We believe in this [the raids] It raises serious concerns and sets a worrying precedent. Regardless, we provided full cooperation… and participated in the process in full compliance with the law.”
