The Enforcement Directorate (ED) raids at the Kolkata office of the Indian Political Action Committee (I-PAC), a popular political consultancy firm that plays a key strategic role in Indian electoral politics, has led to speculations in the political circles that the agency might focus on the firm’s past links with the YSR Congress party in Andhra Pradesh.
The raids, carried out on Thursday, are part of an ongoing investigation under the Prevention of Money Laundering Act (PMLA).
The ED initiated the searches following suspicions over certain financial transactions and funding sources linked to I-PAC.
Sources confirmed that the action was taken to verify financial trails that are suspected to fall under the ambit of money laundering laws.
Officials indicated that the investigation is at a preliminary stage and further examination of documents, bank accounts and transaction records is underway.
I-PAC, founded by political strategist Prashant Kishor, has worked as an election strategist for several major political parties across the country.
The organisation had earlier played a key role in the YSR Congress Party’s election campaign in Andhra Pradesh.
Sources indicated that payments made to I-PAC during its engagement with the YSR Congress Party may also come under scrutiny.
There is speculation that certain transactions allegedly linked to YSRCP president Y S Jagan Mohan Reddy could surface during the investigation.
The agency is expected to closely examine I-PAC’s bank transactions, funding sources, and contractual payments. Summons may be issued to individuals connected with the financial operations, if required.
There is also a talk in the political circles that during the course of investigation, the ED might focus on the connections between I-PAC director Rishi Raj Singh and Kesireddy Rajasekhar Reddy alias Raj Kesireddy, the prime accused in the alleged liquor scam that took place during the YSRCP regime.
Sources said Raj Kasireddy and Rishi Raj Singh were close associates, with Rishi frequently sharing survey findings with Kesireddy, who had done big investments in various real estate deals and companies, based on I-PAC surveys that Jagan would return to power in Andhra Pradesh.
“At one point, Rishi even tried to bring Raj Kasireddy on board as an investor in his company. They also together conducted independent surveys in Andhra Pradesh. Emboldened by their predictions, Kasireddy made aggressive and open investments," sources added.
Sources say there is now growing speculation that Raj Kesireddy too, could come under the scanner of investigating agency in connection with the case.
