I-PAC Director Vinesh Chandel Faces 14-Day Judicial Custody Amid Money Laundering Investigation

A Delhi court on Thursday ordered I-PAC Director and Co-founder Vinesh Chandel to serve a 14-day judicial custody term until May 7, as part of an ongoing money laundering probe tied to an alleged coal pilferage case. Following this development, Chandel has approached the Patiala House Court with a request for regular bail.

Additional Sessions Judge Dhirendra Rana announced the notice on the bail request, instructing the Enforcement Directorate (ED) to submit its response. The bail arguments are scheduled for April 29. The directive arrives as ED's initial 10-day custody of Chandel ended on April 23, upon which Chandel was presented in court.

During the previous custody decision, the Delhi court confirmed the ED's compliance with the Prevention of Money Laundering Act (PMLA). Notable actions include furnishing arrest documents to Chandel and progressing them to the Adjudicating Authority, ensuring adherence to procedural safeguards as outlined in PMLA Sections 19(1), 19(2), and 19(3).

The court also observed allegations by the ED that Chandel channeled funds through informal avenues, such as hawala, and executed transactions beyond the formal banking sector. Discrepancies were noted between investigation statements and evidence, with transactions lacking legitimate business purpose.

The ED further accused Chandel of deleting electronic records and emails post-search, potentially hindering the probe. The court underscored the importance of custodial interrogation to trace crime proceeds, involve other implicated individuals, and deter evidence tampering. (ANI)