The Enforcement Directorate on Tuesday claimed that documents recovered during raids on Indian PAC Consulting Pvt Ltd (I-PAC) were also found at the office of a political party, while alleging that “sensitive emails” were deleted from employee accounts shortly after the searches.
The developments come as the probe into the alleged coal pilferage-linked money laundering case intensifies, with a Delhi court sending I-PAC director Vinesh Chandel to 10 days of ED custody, giving the agency time to further investigate the financial trail and alleged irregularities.
According to the ED’s remand copy, the agency has also pointed to instances of “50 per cent cheque” payments, suggesting that part of the transactions were routed through formal banking channels while the rest may have been handled through other means.
Chandel, founder, director and a 33 per cent shareholder of the firm, was arrested on Monday by the Directorate of Enforcement’s Headquarters Investigation Unit in Delhi under provisions of the Prevention of Money Laundering Act, 2002. He was produced before the court late at night, with proceedings continuing into the early hours before custody was granted.
ED outlines alleged money trail and financial irregularities
The agency said its investigation, which stems from a Delhi Police FIR, has uncovered multiple suspected methods of laundering funds.
- Receipt of both accounted and unaccounted money
- Unsecured loans allegedly extended without business credentials
- Issuance of alleged bogus bills and invoices
- Routing of funds through third parties
- Movement of cash through domestic and international hawala channels
Officials said proceeds of crime worth several crores are under the scanner, with around Rs 50 crore detected so far during the investigation.
Searches across cities, statements recorded
The ED said it has recorded statements of several individuals linked to the transactions and carried out searches at multiple locations, leading to the seizure of incriminating material. The agency added that Chandel’s role has emerged during the probe and noted that under the law, company directors can be held accountable if offences occur with their consent, connivance or negligence.
Earlier, on April 2, the agency conducted searches at 11 locations across Mumbai, Hyderabad, Bengaluru, Delhi, Vijayawada, and Ranchi, covering company offices, residences of directors and premises of associated entities. These searches, according to officials, yielded material linked to alleged money laundering and hawala transactions.
Political and legal battle intensifies
The case has sparked a political face-off between the Trinamool Congress and the Bharatiya Janata Party, with both sides trading allegations. The matter has also reached the Supreme Court.
Separately, the Delhi High Court on Monday heard pleas filed by I-PAC directors Rishi Raj Singh and Pratik Jain seeking to quash ED summons issued to them in connection with the case. The court has scheduled the next hearing for April 17.