ED Summons I-PAC Founder Rishi Raj in Money Laundering Probe The Enforcement Directorate (ED) has summoned I-PAC founder and director Rishi Raj for questioning tomorrow, i.e., Monday, officials said. He has been called in connection with an alleged money laundering case involving financial irregularities related to political consultancy firm I-PAC. West Bengal will go to the polls in two phases on April 23 and April 29. Last week, the ED took major action against I-PAC by arresting one of its founders and directors, Vinesh Chandel. The ED claimed its money laundering investigation revealed that Indian PAC Consulting Pvt. Ltd. was involved in laundering proceeds of crime worth multiple crores. The amount detected so far is about Rs 50 crore. The probe agency, in a statement, alleged that I-PAC was involved in money laundering and generating bogus receipts. “Vinesh Chandel, Director of Indian PAC Consulting Pvt. Ltd., was arrested on April 13 under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in connection with an ongoing investigation. Vinesh Chandel is a founder, director, and 33% shareholder of Indian PAC Consulting Pvt. Ltd.,” the ED said after his arrest. “The ED initiated the investigation based on an FIR registered by Delhi Police. The investigation so far has revealed multiple instances of financial irregularities and various modes of money laundering by Indian PAC Consulting Pvt. Ltd., including receipt of accounted and unaccounted funds, unsecured loans without business credentials, issuance of bogus bills and invoices, receipt of funds from third parties, and movement of cash through hawala channels, including international hawala,” the ED said. “Vinesh Chandel’s role has emerged in the offence under investigation. Under the relevant provisions of law, directors of a company are liable where the offence has been committed with their consent, connivance, or attributable neglect,” officials said. On January 8, the ED carried out raids at multiple locations in Kolkata and other parts of the country in the coal pilferage case. During searches at Rishi Raj’s residence, a political showdown took place, with the West Bengal Chief Minister arriving at the location. Mamata Banerjee accused ED of stealing confidential voters data. The probe agency, however, said its raids were disrupted. “Officials from the Enforcement Directorate carried out searches at the I-PAC office and at the residence of our director, Pratik Jain, in Kolkata. It was a difficult and unfortunate day for a professional organisation like I-PAC. We believe this raises serious concerns and sets an unsettling precedent. Regardless, we have extended full cooperation and will continue to do so, engaging with the process in full accordance with the law,” I-PAC said in a statement on January 9. “We have always upheld the highest standards of professional integrity in all that we do. Despite what transpired, we remain fully committed to continuing our work unfazed and unperturbed, with consistency and accountability guided by the same purpose that has shaped us from the start," I-PAC said. For the Latest news, India News and breaking stories from around the world, visit Times Now for live coverage and in-depth reporting. With over 18 years of experience in broadcast and print journalism, Bhavatosh Singh has been with Times Now since 2005. Primary areas of interest incl... View More