Delhi Court Grants Bail to I-PAC Co-Founder in Money Laundering Case
Bail Granted in High-Profile Case
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New Delhi, April 30: A Delhi court has approved regular bail for Vinesh Kumar Chandel, co-founder of the Indian Political Action Committee (I-PAC), in a case concerning money laundering associated with alleged coal pilferage.
Additional Sessions Judge Amit Bansal from the Patiala House Courts issued the ruling in favor of Chandel, who had been detained by the Enforcement Directorate (ED) under the Prevention of Money Laundering Act (PMLA).
In granting the bail request, the court noted that the ED had the chance to contest the application but opted not to do so.
On April 23, a notice was sent to the ED regarding Chandel's bail application, requesting a response from the federal anti-money laundering agency.
On April 28, the Patiala House Court rejected his interim bail request, which was based on medical concerns regarding his 74-year-old mother, who suffers from dementia.
The court stated: “In light of the previous discussion, this Court believes that the applicant/accused has not established a case for interim bail. The reasons presented, while sympathetic, do not meet the urgency or exceptional nature required for such relief, especially in relation to an offence under the PMLA.”
Additionally, the court emphasized that interim bail in PMLA cases should not be granted routinely and must be supported by “compelling, immediate, and exceptional circumstances.”
Chandel was placed in judicial custody for 14 days on April 23 after the ED's remand period ended, following an Enforcement Case Information Report (ECIR) filed on March 28 based on an FIR from the Economic Offences Wing (EOW).
The ED alleges that M/s Indian PAC Consulting Pvt Ltd, through its directors, including Chandel, was involved in generating, concealing, and laundering proceeds of crime via structured financial transactions that included unaccounted cash, fake invoices, and hawala channels.
The agency claims that the company divided its receipts between formal banking methods and cash transactions, including funds allegedly received from political entities, using unaccounted money for election-related expenses and to sway public opinion.
Furthermore, the ED asserts that Rs 13.50 crore was introduced into the company's accounts as unsecured, interest-free loans lacking commercial rationale, while fraudulent invoices were allegedly created to validate suspicious fund inflows.