I-PAC received Rs 13.5 crore loan in 2021 from a Rohtak firm that does not exist: Report

Political consultancy firm Indian Political Action Committee (I-PAC) got an “unsecured loan” of Rs 13.50 crore in 2021 from a Rohtak-based firm which doesn’t exist in official records, according to a report by The Indian Express.

I-PAC has been in the eye of a political storm ever since West Bengal Chief Minister Mamata Banerjee interrupted and tried to stop the search of I-PAC's director's residence by a team of Enforcement Directorate officials.

According to the IE report, a company with a similar name operating from the same Rohtak address had been removed from the Registrar of Companies’ (ROC) records in August 2018, nearly three years before the loan was said to have been given.

The six shareholders listed under that company said that they were unaware of any transaction with I-PAC and denied giving any loan to the firm.

No company present at the address provided

According to ROC filings scrutinised by The Indian Express, the I-PAC, in a document dated December 17, 2021, attached a “list of creditors” and declared it had received Rs 13.50 crore in the form of an “unsecured loan” from a company called ‘Ramasetu Infrastructure India (P) Limited’.

The lender address provided in the I-PAC document was ‘3rd Floor, Ashoka Plaza, Delhi Road, Rohtak, Haryana’.

A ground check by IE at the abovementioned Rohtak address found that no such company was operating from the premises. Searches of ROC records also showed that no company with the name Ramasetu Infrastructure India (P) Limited was ever registered.

What does exist in official records is a similarly named entity called ‘Ramsetu Infrastructure India Private Limited’, incorporated in October 2013 at the same Rohtak address. That company, however, was struck off by the ROC on August 8, 2018, three years before I-PAC’s declaration of the loan.

According to ROC documents, Ramsetu Infrastructure India Private Limited was dissolved under Section 248 (1) of the Companies Act, 2013, which allows the Registrar to strike off companies that have failed to commence business, have ceased operations for two consecutive years, or have not fulfilled statutory requirements.

Surprisingly, in another declaration dated June 27, 2025, the I-PAC said it had “repaid” Rs 1 crore of the Rs 13.50 crore loan in 2024-25 and there was an outstanding amount of Rs 12.50 crore, Indian Express has learnt.

The Indian Express also scrutinised documents filed before the ROC by eight companies with similar names. In their filings for 2021 and later, none declared any transaction of Rs 13.50 crore, the loan secured by I-PAC according to its December 2021 declaration.

I-PAC office shifted to Kolkata in 2022

ROC documents further show that I-PAC was incorporated in Patna on April 13, 2015, and moved its registered office to Kolkata in February 2022. Since its formation, the company’s directors and shareholders—Pratik Jain, Rishiraj Singh and Vinesh Chandel—have remained the same.

ED raids I-PAC director's residence

A few weeks ago, the central probe agency carried out raids at six locations in West Bengal, including the residence of IPAC chief and TMC IT cell head Prateek Jain in Loudon Street and the company's office at Godrej Waterside Building in Sector V, Kolkata. The ED also conducted raids at four locations connected to the I-PAC in Delhi.

However, a huge drama unfolded as TMC supremo Mamata arrived at the residence of Prateek Jain, along with a large number of police officers, while the raid was going on.

After reaching Jain's flat, Mamata alleged that the ED officials were attempting to seize hard disks and internal documents containing TMC's sensitive organisational data. She then went to the Sector V office of I-PAC at around 12.44 pm stayed there for an hour, following which she spoke to the media.

The Chief Minister took away documents and electronic devises including one laptop and one mobile phone from the two places amidst the ED raids.

She termed the raids as "politically motivated and unconstitutional."

"They have raided the residence of our IT chief. They were confiscating my party’s documents and hard disks, which had details about our candidates for the assembly polls. I have brought those back," Mamata told reporters.

Terming the exercise an act of intimidation, Mamata called Union Home Minister Amit Shah, "the nastiest Home Minister."

Now, the director of the Enforcement Directorate (ED), Rahul Navin, is likely to visit Kolkata for three days from January 22, 2026. As per the ED sources at the CGO Complex at Salt Lake city, Navin is expected to hold meetings in different phases with senior officials of the investigating agency to take stock of different cases including the I-PAC matter in the eastern region, The New Indian Express reported.