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I-PAC director Vinesh Chandel remanded in 10-day ED custody
Vinesh Chandel was arrested in Delhi on Monday in connection with a money laundering probe linked to alleged illegal mining and transportation of coal
I-PAC director Vinesh Chandel was produced before Delhi’s Patiala House court late on Monday night and remanded in 10-day Enforcement Directorate (ED) custody, even as two officials of the probe agency said the political consultancy firm was allegedly involved in ₹50 crore money laundering. The hearing continued until the early hours of Tuesday, one of the officials said.
Chandel was arrested in Delhi on Monday in connection with a money laundering probe linked to alleged illegal mining and transportation of coal in West Bengal, officials said. The arrest under the Prevention of Money Laundering Act (PMLA) came over a week after the ED raided Chandel’s residence and the premises of another I-PAC director, Rishi Raj Singh, and former communications in charge of Aam Aadmi Party, Vijay Nair, on April 2.
Officials said Chandel, a 33% I-PAC shareholder, was arrested based on a Delhi Police case. “The ED initiated the investigation based on the Delhi Police case. Investigation conducted so far has revealed multiple instances of I-PAC’s financial irregularities and various modes of money laundering including receipt of accounted and unaccounted funds, receipt of unsecured loans without any business credentials, issuance of bogus bills and invoices, receipt of funds from third parties, and movement of cash through hawala channels, including international hawala,” said an official, who asked not to be named.
The official added the investigation showed that the firm was allegedly involved in laundering proceeds of crime to the tune of multiple crores. “The amount detected so far is about ₹50 crore.”
A second official said statements from people connected with the transactions were recorded during the probe. “Searches were also conducted [on April 2] and incriminating material was gathered. Chandel’s role has emerged in the offence under investigation. Under the relevant provisions of law, directors of a company are liable where the offence has been committed with their consent, connivance or attributable neglect.”
The ED has alleged that around ₹20 crore in proceeds of crime generated in 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 its searches and removing evidence as the agency conducted raids at the I-PAC office and the premises of its director, Pratik Jain. Banerjee alleged that the ED attempted to seize election-strategy-related documents from I-PAC premises ahead of the West Bengal assembly elections.
Banerjee said that the ED targeted I-PAC, which works with the Trinamool Congress, to steal the party’s data.
I-PAC in January said its role was limited to transparent, professional political consulting, free of influence from political ideology. “We believe this [the raids] raises serious concerns and sets an unsettling precedent. Regardless, we have extended full cooperation... engaging with the process in complete accordance and respect for the law.”
