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The Enforcement Directorate (ED) on Tuesday alleged that documentary evidence recovered during raids at Indian PAC Consulting Pvt. Ltd. (I-PAC) was also found at the office of a political party, along with claims that sensitive emails were deleted from the accounts of I-PAC employees soon after the searches, as per remand copy by ED.
The agency also flagged instances of "50 per cent cheque" payments, indicating partial transactions through banking channels. Earlier in the day, a Delhi court sent Indian PAC Consulting Pvt. Ltd. director Vinesh Chandel to 10 days' Enforcement Directorate (ED) custody in connection with a money laundering probe linked to the alleged coal pilferage case. Chandel was produced before the court late at night, with proceedings continuing into the early hours of April 14, after which the court granted ED custody, his legal team said. Chandel was arrested by the Directorate of Enforcement's Headquarters Investigation Unit in Delhi on April 13 under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. He is the founder, director and a 33 per cent shareholder of Indian PAC Consulting Pvt. Ltd. The ED initiated its investigation on the basis of an FIR registered by the Delhi Police. According to the agency, the probe has so far revealed multiple instances of alleged financial irregularities and different modes of money laundering involving the company. These include receipt of accounted and unaccounted funds, unsecured loans without business credentials, issuance of bogus bills and invoices, routing of funds through third parties, and movement of cash via domestic and international hawala channels. Officials said the company is suspected to have laundered proceeds of crime amounting to several crores, with around Rs 50 crore detected so far during the investigation. During the course of the probe, statements of various individuals linked to the transactions were recorded, and searches were carried out at multiple locations, leading to the seizure of incriminating material. The ED said Chandel's role has emerged in the alleged offence, adding that under the law, company directors can be held liable where offences are committed with their consent, connivance or due to negligence. Earlier, on April 2, the agency had conducted searches at 11 premises across Hyderabad, Delhi, Mumbai, Bengaluru, Vijayawada and Ranchi, covering offices of I-PAC, residences of its directors and premises of linked entities. These searches had also led to the recovery of material related to alleged money laundering and hawala transactions. The case had triggered a political confrontation between the Trinamool Congress (TMC) and the Bharatiya Janata Party (BJP), and the matter also reached the Supreme Court. Meanwhile, the Delhi High Court on Monday heard arguments in pleas filed by I-PAC directors Rishi Raj Singh and Pratik Jain seeking quashing of ED summons issued to them in the coal smuggling case. The matter is scheduled for further hearing on April 17. (ANI)
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