Trouble mounts for the Indian Political Action Committee (I-PAC), the political consultancy firm closely associated with the Trinamool Congress (TMC) as a major financial red flag has emerged in the ongoing Enforcement Directorate (ED) investigation into its dealings.
According to ‘The Indian Express’, I-PAC stated that it received an unsecured loan of ₹13.5 crore in 2021 from a Rohtak-based private company that, according to official records, does not exist.
The revelation comes amid heightened political tensions in West Bengal following Chief Minister Mamata Banerjee’s unprecedented intervention during an ED search at the residence of I-PAC director Pratik Jain in Kolkata on January 8. The ED has accused West Bengal CM and state police officials of obstructing its probe into an alleged coal-smuggling-linked money-laundering case.
Bengal CM Mamata Banerjee obstructed ED’s I-pac raid
On January 8, 2026, ED staff conducted searches at I-PAC’s Kolkata office in Salt Lake and Pratik Jain’s residence. Mamata Banerjee personally entered the premises, obstructed the operation, and removed “key evidence,” including physical documents, electronic devices, and even an ED officer’s phone.
The ED officials were conducting the raid as part of the money laundering investigation under the Prevention of Money Laundering Act (PMLA). During these raids, ED alleges that Kolkata Police officials aided this interference, leading to tampering with evidence.
I-PAC Secured A Loan from Thin Air?
According to the publication, as per Registrar of Companies (ROC) filings, I-PAC submitted a document dated December 17, 2021, declaring an unsecured loan of ₹13.50 crore from Ramasetu Infrastructure India (P) Limited. The address mentioned was “3rd Floor, Ashoka Plaza, Delhi Road, Rohtak, Haryana”.
However, a search of ROC records revealed that no company by this name has ever been incorporated. A physical visit to the Rohtak address further confirmed that no such firm has operated from the premises.
What does exist is a similarly named entity, Ramsetu Infrastructure India Private Limited, incorporated in October 2013 at the same address. Crucially, this company was struck off by the ROC on August 8, 2018, nearly three years before I-PAC claims to have received the loan.
Under Section 248(1) of the Companies Act, 2013, such strike-offs occur when a company fails to commence business, ceases operations, or does not comply with statutory requirements. Once struck off, a company cannot legally conduct financial transactions.
Shareholders Deny Any Dealings
The report says that six individuals were listed as shareholders when Ramsetu Infrastructure India Private Limited was incorporated: Vikram Munjal (Rohtak); Sandeep Rana (Hisar); Vijender (Jind); Baljit Jangra (Hisar); Pradeep Kumar (Hisar); and Jagbir Singh (Sonipat).
All six shareholders of the dissolved Ramsetu Infrastructure India Private Limited, now pursuing their other and individual means of livelihood, categorically denied any knowledge of a loan to I-PAC.
It is said that the company had been abandoned shortly after incorporation due to failed land deals and never conducted substantive business. None reported any financial dealings in any form with I-PAC after the company’s closure. Importantly, none of them declared any such transaction in their later ROC filings.
Further scrutiny of ROC documents showed that no company with a similar name declared a ₹13.5 crore transaction in 2021 or thereafter, raising serious questions about the true source of the funds.
Repayment Raises More Questions
In another ROC declaration dated June 27, 2025, I-PAC claimed it had repaid ₹1 crore of the loan during FY 2024–25, with ₹12.5 crore still outstanding.
The assertion of partial repayment to a lender that legally does not exist deepens the mystery and strengthens concerns about potential money laundering or misrepresentation in statutory filings.
“Queries were also sent to I-PAC’s Faridabad-based Chartered Accountant Poonam Chaudhary, but she declined to comment. One of her associates said, “We have forwarded your queries to Mr Jain. He himself may reply.” The I-PAC’s Company Secretary Taruna Kalra, also Faridabad-based, too declined comment,” reports Indian Express.
ED Raids and Political Obstruction
These financial disclosures have gained urgency in light of the ED’s January 8 raids at ten I-PAC-linked locations across Delhi and Kolkata. The searches are connected to a money laundering probe stemming from the alleged ‘2020 coal pilferage and smuggling case’ in West Bengal.
During the search at Pratik Jain’s residence, West Bengal Chief Minister Mamata Banerjee arrived on the scene, exited the premises with a laptop and files, and later led a dharna, accusing the ED of political vendetta. The ED has alleged that key evidence was removed and has sought a CBI probe into the Chief Minister’s actions and those of senior police officials.
Subsequently, the West Bengal Police registered FIRs against the ED and central forces, while the TMC moved the Calcutta High Court demanding the return of seized “confidential and sensitive data”.
Prashant Kishor Not Under Probe
While I-PAC was founded by political strategist Prashant Kishor, official records and ED filings indicate that he is not a target of the current investigation. Kishor stepped away from I-PAC after the 2021 West Bengal Assembly elections, and the firm has since been led by Pratik Jain.
The present scrutiny is focused squarely on I-PAC’s financial trail and the alleged obstruction of a central investigation by a sitting Chief Minister.
Unanswered Questions
The core issue remains unresolved: How did I-PAC receive ₹13.5 crore from a company that did not legally exist at the time of the transaction? And why were such claims made in statutory filings without verifiable backing?
