I-PAC laundered Rs 50 crore, director Vinesh Chandel sent to 10-day custody: ED

What Happened

The Enforcement Directorate arrested Vinesh Chandel, director and co-founder of political consultancy firm I-PAC, under the Prevention of Money Laundering Act. ED claims I-PAC laundered approximately Rs 50 crore in proceeds from alleged coal smuggling. A court granted ten days of ED custody for interrogation. Investigations revealed multiple layers of money laundering, including bogus invoices and hawala transactions. Chandel holds 33 percent stake in I-PAC, founded by Prashant Kishor.

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