The I-PAC ‘modus operandi’: 6 key allegations by ED against director Vinesh Chandel

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(File Photo) Make us preferred source on Google Whatsapp twitter Facebook Reddit PRINT Seeking custody of I-PAC director Vinesh Chandel, who was arrested on Monday, the Enforcement Directorate alleged that searches conducted earlier this month at premises linked to the firm and its associates uncovered incriminating documents and digital evidence related to financial transactions and election expenditure, without naming any political party. ED said similar documents were also found at the office of a “political party” and the material evidence establishes improper accounting practices, bifurcation of receipts, and the existence of unaccounted transactions. Chandel, who holds a 33 per cent stake in the company, was arrested by ED Monday in connection with a money laundering case linked to alleged coal smuggling. ED has alleged that 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. Chandel was produced at Patiala House Courts late at night and the court granted 10 days of ED custody. Here are the key allegations made by ED in its remand before the court to get Chandel’s custody: 1. Probe revealed I-PAC adopted a modus operandi of splitting receipts between banking channels and unaccounted cash components, including funds received from political parties. “Documentary evidence, such as references to 50 per cent cheque, establishes that only part of the payments were recorded through formal channels, while the remaining portion was received in cash, thereby generating unaccounted funds. These funds were further utilised for election-related expenditure and other purposes, including influencing public perception,” ED has alleged. 2. Probe has also revealed that I-PAC also introduced an amount of Rs 13.50 crore into its books in the guise of unsecured, interest-free loans from Ramasethu Infrastructure Pvt Ltd during the financial year 2019-20 and 2020-21. The alleged entity is neither a bank nor an NBFC, and no loan agreement, collateral security, due diligence, or repayment terms were in place. “Statements of Directors and key managerial personnel confirm that such transactions lacked any commercial rationale. The so-called loan was arranged through persons not formally associated with the company, and decisions were taken at the instance of such outsiders, thereby demonstrating that the transaction was a sham and merely a facade to introduce unaccounted funds into the company’s accounts and conceal their true source and nature,” the agency has said. 3. Investigation has revealed that I-PAC raised bogus invoices to justify receipt of funds from multiple third-party entities without rendering any actual consultancy or professional services. “These transactions were deliberately structured to provide a colour of legitimacy to otherwise illicit funds and were used for layering and integration of proceeds of crime into the formal financial system. Substantial amounts were credited to the accounts of I-PAC from various entities without any genuine business purpose, thereby establishing that the company acted as a conduit for routing funds,” ED alleged. 4. Evidence on record establishes that the proceeds of crime were systematically layered and routed through banking channels, while the unaccounted cash component was utilised through informal channels, including hawala transactions. “Statements recorded during investigation under MLA, 2002 reveal the involvement of persons associated with I-PAC in facilitating hawala arrangements, indicating deliberate use of non-banking channels for movement of funds. This dual mechanism of routing funds demonstrates a conscious effort to conceal the origin and project the proceeds of crime as legitimate business income,” ED alleged. 5. I-PAC, through its directors, including Vinesh Kumar Chandel, Rishi Raj Singh and others, was found to be engaged in the generation, concealment, and laundering of proceeds of crime through a structured mechanism of financial transactions. “Chandel, being a founding director and key decision-maker, exercised control over the financial and operational affairs of the company and was actively involved in the processes leading to the generation of Proceeds of Crime (PoC)”. 6. ED apprehends that Chandel may attempt to evade investigation as he is a frequent international traveller with multiple foreign visits in recent years, indicating a strong possibility of absconding. Mahender Singh Manral is an Assistant Editor with the national bureau of The Indian Express. He is known for his impactful and breaking stories. He covers the Ministry of Home Affairs, Investigative Agencies, National Investigative Agency, Central Bureau of Investigation, Law Enforcement Agencies, Paramilitary Forces, and internal security. Prior to this, Manral had extensively reported on city-based crime stories along with that he also covered the anti-corruption branch of the Delhi government for a decade. He is known for his knack for News and a detailed understanding of stories. He also worked with Mail Today as a senior correspondent for eleven months. He has also worked with The Pioneer for two years where he was exclusively covering crime beat. During his initial days of the career he also worked with The Statesman newspaper in the national capital, where he was entrusted with beats like crime, education, and the Delhi Jal Board. A graduate in Mass Communication, Manral is always in search of stories that impact lives. ... Read More