50% via Cheque, Rest in Cash: ED’s Big Reveal in I-PAC Money Laundering Case, Hawala Links Under Scanner
The Enforcement Directorate (ED) has tightened its grip on I-PAC, the political consultancy firm associated with strategizing for the Trinamool Congress (TMC). In a major development in the money laundering case, the agency arrested the company’s director and founder Vinesh Chandel in Delhi on Monday evening around 7:45 PM. The action was taken under the Prevention of Money Laundering Act (PMLA).
The ED initiated its probe based on an FIR registered by Delhi Police, which includes serious charges such as fraud, criminal conspiracy, fake accounting, and financial irregularities.
Organized Generation of Illicit Funds
According to the ED, I-PAC, through its directors including Vinesh Chandel and Rishi Raj Singh, was allegedly involved in systematically generating, concealing, and legitimizing proceeds of crime. The agency claims that the company created a complex web of financial transactions to convert black money into legitimate funds.
Key Findings from the Investigation
The probe revealed that Chandel, as the founder, was at the center of all major decisions and controlled the company’s financial and operational affairs. The ED alleges that he was actively involved in routing illicit funds through the system.
A major revelation relates to the company’s modus operandi. According to the agency, I-PAC allegedly split payments into two parts—one through banking channels (cheque/online) and the other via cash or non-banking routes.
50% Cheque, 50% Cash Model
Documents accessed by the ED reportedly include entries such as “50% cheque,” indicating that half the payments were received through official channels while the remaining amount was taken in cash to avoid detection. The agency claims that funds received from political parties were also part of this arrangement.
The ED has further alleged that I-PAC generated multiple bogus invoices to justify payments received from various entities, despite no actual services or consultancy being provided. These fake transactions were used to layer and route illicit funds before projecting them as legitimate income.
Suspicion of Hawala Network
The investigation also found several entries in the company’s accounts that lacked any genuine business purpose, suggesting that I-PAC acted as a conduit for moving funds. The ED suspects the use of hawala networks, where cash is transferred through illegal channels.
Statements recorded under PMLA indicate that individuals linked to I-PAC allegedly facilitated hawala transactions, pointing to a deliberate dual system—one official and one unofficial—to conceal the true source of funds.
Allegations of Misleading Statements and Evidence Tampering
The ED has accused Vinesh Chandel of providing false and misleading statements during interrogation. He allegedly denied the existence of cash transactions and misrepresented the company’s operations.
The agency also claims that Chandel, along with other directors, instructed employees to delete crucial emails and financial data from company accounts in an attempt to destroy evidence.
