Vinesh Chandel has been associated with I-PAC since its inception. (Express photo)
A day after arresting Vinesh Chandel, a director and co-founder of I-PAC, in connection with a money laundering case linked to alleged coal smuggling, the Enforcement Directorate (ED) said the political consultancy firm was involved in laundering proceeds of crime to the tune of crores of rupees and the amount detected so far is about Rs 50 crore.
ED arrested Chandel, who holds a 33 per cent stake in the company, Monday under the provisions of the Prevention of Money Laundering Act (PMLA). He was produced before Additional Sessions Judge Shefali Barnala Tandon at Patiala House Courts late at night.
“The hearing continued from the night of April 13 till the early hours of April 14. The court granted 10 days of ED custody,” a source said.
ED’s probe stems from the First Information Report (FIR) registered by the Delhi Police.
“Proceeds of crime laundered by Indian PAC Consulting Pvt Ltd amount to multiple crores, with Rs 50 crore detected so far. Searches yielded incriminating material, and statements from connected individuals implicated Chandel, who is liable as a director for offences committed with consent, connivance, or attributable neglect,” a source said.
During the investigation, statements from various persons involved in the transactions were recorded.
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“Investigations have uncovered multiple layers of alleged money laundering by the firm, including receipt of accounted and unaccounted funds, unsecured loans without business justification, issuance of bogus bills and invoices, funds from third parties, and cash movement via domestic and international hawala networks,” the source said.
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Senior Advocate Vikas Pahwa, appearing for Vinesh Chandel, described the case as “politically motivated” and argued that his client had consistently cooperated with the investigation. He contended that the alleged offence of unaccounted money transactions falls under the Income Tax Act, which is not included in the PMLA schedule.
Pahwa also questioned the invocation of IPC sections 420, 120B, and 477A — relating to cheating, criminal conspiracy, and falsification of accounts — arguing that “done with the sole object of artificially bringing the case within the fold of a Scheduled Offence under the PMLA”.
He was assisted by advocates Ankur Khandelwal, Amar Gehlot, Nikhil Saurabh, Huzaifa Salim, Abhishek Mishra, Kushagra Gahlot, Murtaza Shuberi, and Jasmeet.
I-PAC, founded by election strategist-turned-politician Prashant Kishor, is managing the Trinamool Congress’s poll campaign for the 2026 West Bengal Assembly elections.
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A graduate of National Law Institute University (NLIU), Bhopal, Vinesh Chandel has been associated with I-PAC since its inception. He briefly worked as a journalist and also practised law in the Supreme Court.
He is considered close to West Bengal Chief Minister Mamata Banerjee and has worked extensively with the TMC in the state and in Meghalaya.
