How Did I-PAC Take a ₹13.5 Crore Loan From a Non-Existent Company? Troubles May Deepen After ED Probe

Kolkata: Political consultancy firm Indian Political Action Committee (I-PAC) may be heading for deeper trouble as fresh questions emerge over an alleged ₹13.5 crore loan taken from a company that, according to official records, does not exist. The revelation comes amid an ongoing investigation by the Enforcement Directorate (ED) into suspected financial irregularities linked to the firm.

As reported by The Indian Express, I-PAC claimed to have received a ₹13.50 crore loan in 2021 from a Rohtak-based firm named Ramasetu Infrastructure India (P) Limited. However, a verification of records maintained by the Registrar of Companies (ROC) shows that no such company has ever been registered, raising serious doubts about the legitimacy of the transaction.

Loan Claim Under the Scanner

According to documents submitted by I-PAC to the ROC on December 17, 2021, the firm stated that it had taken the loan from Ramasetu Infrastructure India (P) Limited, citing the company’s address as Ashok Plaza, Third Floor, Delhi Road, Rohtak.

In a later disclosure dated June 27, 2025, I-PAC informed authorities that it had repaid ₹1 crore of the loan during the financial year 2024–25, with ₹12.50 crore still outstanding. This transaction has now become a key component of the ED’s investigation.

The central question troubling investigators is stark: how can a loan worth crores be taken from a company that has no legal existence?

A Company That Was Never There

Further scrutiny revealed that while Ramasetu Infrastructure India (P) Limited was never registered, a similarly named entity—Ramsetu Infrastructure India Private Limited—had once existed at the same address. That company, however, was struck off from ROC records in 2018, three years before the alleged loan was taken.

Adding to the mystery, six former shareholders of the defunct company have reportedly denied any knowledge of a loan transaction with I-PAC. They have also stated that neither the company nor its promoters were involved in providing any financial assistance to the political consultancy firm.

Shareholders Deny Any Dealings

One of the former shareholders, Sandeep Rana, told investigators that while the firm had been incorporated, it never conducted any real business and was soon shut down. He categorically denied any awareness of loans or financial dealings with I-PAC.

Another shareholder, Vijender, said the company was originally set up for land-related transactions, but no significant activity ever took place, and certainly not one involving a loan of ₹13.5 crore.

ED Probe Likely to Intensify

The new disclosures are expected to intensify the ED’s probe, which is already examining I-PAC’s financial trail following recent searches in Kolkata. Legal experts say that if investigators establish that false disclosures were made to statutory authorities or that fictitious entities were used to route funds, the case could expand into serious charges involving financial fraud and money laundering.

With a loan trail leading to a company that exists only on paper—or not at all—the controversy has put I-PAC under sharp scrutiny once again. The coming days may prove crucial in determining whether this is a case of clerical misrepresentation or a far more serious financial irregularity.