HYDERABAD: The Enforcement Directorate (ED) conducted searches at offices of political consultancy firm I-PAC across multiple cities on Thursday, as part of a suspected money laundering investigation.
The raids are underway at locations in Hyderabad, Bengaluru and Mumbai, along with other centres across the country. Officials are also searching residences of senior executives linked to the organisation.
Raids linked to coal smuggling case probe
The agency is examining I-PAC's role in connection with the West Bengal coal smuggling case. Searches are being carried out at the firm's offices in Hyderabad, Bengaluru and Delhi. Further details are awaited.
The ED began simultaneous searches early in the morning at I-PAC's offices and premises linked to its founders. Sources said the action is not limited to offices but extends to personal residences of key individuals associated with the firm.
Probe into suspected money laundering
Officials have been monitoring I-PAC's financial transactions for some time and have gathered preliminary evidence indicating suspected money laundering.
The investigation is focused on the alleged diversion of funds received from political parties for election strategy services. The agency is also examining possible violations in the mobilisation of foreign funds.
The searches have triggered reactions in political circles, given I-PAC's role in providing campaign strategies to multiple parties across the country. The ED is expected to issue an official statement after the searches conclude.