Last Updated:
“The money was transferred by I-PAC, through both domestic and international hawala routes, to an event management firm for use in the Goa elections,” sources told News18
West Bengal Chief Minister Mamata Banerjee (right) addresses the media as she arrived at the residence of I-PAC chief Pratik Jain amid an ongoing ED raid, in Kolkata on Thursday. (PTI)
The Enforcement Directorate raided political consultancy I-PAC as their investigation showed that the firm utilised at least Rs 20 crore generated from the coal scam for the Goa elections, according to exclusive details accessed by CNN-News18.
“The money was transferred by I-PAC, through both domestic and international hawala routes, to an event management company for utilising in Goa elections,” according to the details.
The ED mounted the search on Thursday at the Salt Lake office of I-PAC and its founder and one of the directors Pratik Gandhi as part of an alleged coal scam-linked money laundering case. Some other locations in Bengal and Delhi were also raided. The ED had alleged that West Bengal CM and Trinamool Congress (TMC) Mamata Banerjee entered Jain’s residence on Loudon Road in Kolkata during the raids and “took away key evidence” and followed the same action at the I-PAC office.
The ED claimed in the petition that around Rs 20 crore of hawala funds, generated from alleged coal pilferage in West Bengal, found its way to I-PAC. The organisation has been providing political consultancy to the TMC and the state government since 2021.
One such hawala operator used by coal syndicate to transfer the proceeds of crime has been identified from WhatsApp chats of an accountant of Anup Majee, main accused of the coal syndicate, alleged sources.
Rs 20 crore transferred: The Goa election link
The alleged web of cash transfer based on exclusive inputs from sources:
- Intelligence has revealed that Rs 20 crore was allegedly transferred through a hawala firm R Kanti Lal from Kolkata to Goa, as seen from WhatsApp chat dated 26/08/2020 between Niraj Singh and Ashok Kumar Mishra. The employee who handled the hawala transfers at Goa is Sagar Kumar Patel.
- On enquiry from Sagar Kumar Patel, he revealed that the money was transferred from Kolkata to Goa for Akshay Kumar. Akshay Kumar was summoned and his statement was recorded under section 50 of the Prevention of Money Laundering Act, 2002 (PMLA) on 26.10.2023 and 10.01.2024 wherein he revealed that he works in Hertz and Pixelz and ASM Event Technology Private Limited.
- Siddhartha Malik is the proprietor of the firm, Hertz and Pixelz. Pankaj and his son, Siddhartha Malik, are directors of the company, ASM Event Technology Private Limited. He stated that these firms worked for IPAC in Goa during 2021-2022. Duringthis period, he used to receive cash in Goa through hawala channel arranged by Pankaj Malik.
- Pankaj Malik was summoned and his statement was recorded under section 50 of the PMLA on 09.01.2024 and 10.01.2024. Pankaj Malik stated that his company ASM Event and Technology Private Limited was hired by I-PAC for event management in Goa during 2021-2022. He further stated that funds in cash were arranged by him inGoa through Hawala channel with active assistance of Akshay Kumar.
- During the course of investigation, manager of R Kantilal Firm, Alpesh Patel was summoned, and his statement was recorded under section 50 of the PMLA, 2002 on 13.12.2023, wherein he stated that he has been working in the Kolkata office of R. Kantilal firm since 2018 as a manager. He arranged cash in Goa during 2021-2022, which was to be given to Akshay Kumar. During that period, he arranged Rs 20 crore in cash to be tranferred from Kolkata to Goa through a hawala channel. He further stated the hawala transfers were done at the request of a person named Mukesh Patel.
- Mukesh Patel was summoned and his statement was recorded on 30.01.2024 and 31.01.2024, wherein he stated that he is the owner of Rajesh Maganlal firm and he had transferred Rs 20 crore to Goa through Alpesh Patel. However, the same was done at the request of Mukesh Thakkar alias Munna.
- Mukesh Thakkar alias Munna was summoned, and his statement was recorded on 23.02.2024, wherein he also accepted that he had transferred around Rs 20 crore to Goa. He stated that the fund transfers were done at the request of Jitendra Mehta who works as a financer in Pooja Finlease Pvt. Ltd., now known as Akasa Finance Ltd).
- Jitender Mehta is a Kolkata-based businessman and he is an ex-director in Akasa Finance Limited. Akasa Finance Limited is a non-banking financial company. Jitender Mehta has assisted in transferring the proceeds of crime through Hawala from Kolkata to Goa. He has assisted in transferring Rs 20 crore to Goa to be used by I-PAC in Goa.
- As per information, Pratik Jain, co-founder and director of I-PAC, handled the operations in Goa. The funds have been handed over to Akshay Kumar who is an employee of Hertz and Pixel and ASM Event Technology which have admittedly worked for I-PAC in Goa.
Coal to liquor scam: Not the first such transfer for Goa elections
The last Goa elections have been a hotbed for alleged transfer of proceeds of crime. The ED had alleged that POC generated from the liquor scam in Delhi were also utilised by the Aam Aadmi Party (AAP) in Goa elections.
What next?
The ED has approached the Calcutta High Court, seeking a CBI investigation into the role of West Bengal Chief Minister Mamata Banerjee, senior police officials and others for allegedly obstructing its raids in Kolkata against political consultancy firm I-PAC and its director.
The high court is expected to hear the petition on Friday.
The TMC, meanwhile. on Friday moved the Calcutta High Court against the ED raids at the office of political consultancy firm I-PAC and the residence of its chief here, seeking restraint on “misuse and dissemination” of documents seized during the search operations. The ruling party in West Bengal, in its petition, alleged that the ED seized sensitive and confidential political data meant for the TMC’s use in the upcoming assembly elections, in a display of “arbitrary, mala fide, and colourable exercise of power”.
The Trinamool Congress alleged that the ED operations were aimed at “unlawfully accessing and controlling the petitioner’s electoral roll management, campaign planning, and political strategy, with the clear intent to disrupt a free and fair electoral process” under the pretext of investigation.
“Such targeted seizure amounts to an impermissible intrusion into the petitioner’s right to privacy under Article 21 and its constitutional right to participate meaningfully in the democratic process under Article 19.
With PTI Inputs
January 09, 2026, 14:30 IST
Read More
