Political consultancy firm Indian Political Action Committee (I-PAC) has been under scrutiny since West Bengal Chief Minister Mamata Banerjee stopped an Enforcement Directorate search at the residence of its director in Kolkata on January 8.
Amid the controversy, a report by The Indian Express has revealed that I-PAC received an unsecured loan of Rs 13.50 crore in 2021 from a Rohtak-based company that “doesn’t exist” in official records.
According to the report, a company with a similar name operating from the same Rohtak address had been removed from the Registrar of Companies’ records in August 2018, nearly three years before the loan was said to have been given.
The six shareholders listed under that company told IE that they were unaware of any transaction with I-PAC and denied giving any loan to the firm.
I-PAC loan: Rs 13.5 Crore Shown From Company Missing in Official Records
Documents filed with the Registrar of Companies (ROC) and examined by The Indian Express show that I-PAC declared receiving an unsecured loan of Rs 13.50 crore in December 2021. The money was listed as coming from a firm named Ramasetu Infrastructure India (P) Limited, with an address on the third floor of Ashoka Plaza on Delhi Road in Rohtak, Haryana.
However, a ground check by IE at the Rohtak address found that no such company was operating from the premises. Searches of ROC records also showed that no company with the name Ramasetu Infrastructure India (P) Limited was ever registered.
What does appear in official records is a similarly named firm – Ramsetu Infrastructure India Private Limited. This company was registered in October 2013 at the same Rohtak address but was struck off by the ROC in August 2018, nearly three years before I-PAC said it received the loan.
In another filing made in June 2025, I-PAC stated that Rs 1 crore of the loan was repaid during the 2024–25 financial year, leaving an outstanding amount of Rs 12.50 crore.
The Indian Express contacted I-PAC co-founder and director Pratik Jain by email and phone to seek clarification on the loan and the lender, but there was no response. Queries sent to the firm’s chartered accountant, Poonam Chaudhary, were declined, with one associate saying the questions had been passed on to Jain. I-PAC’s company secretary, Taruna Kalra, also chose not to comment.
ROC records show that Ramsetu Infrastructure India Private Limited was dissolved under provisions of the Companies Act, which allow authorities to remove firms that have not started business, stopped operations for two years, or failed to meet legal requirements.
Only incorporation papers for Ramsetu Infrastructure India Private Limited are available in ROC files. No such documents exist for the lender name mentioned by I-PAC.
The records also include a 2013 rent agreement between Ramsetu Infrastructure India Private Limited and the owners of Ashoka Plaza for the third-floor office. One of the property owners said he could not recall details, while the building’s manager said he had worked there for over six years and had never seen a company by that name operating from the premises.
All shareholders of linked firm deny having knowledge of any loan to I-PAC
When Ramsetu Infrastructure India Private Limited was set up, six people were listed as shareholders. They were Vikram Munjal from Rohtak, Sandeep Rana and Baljit Jangra from Hisar, Vijender from Jind, Pradeep Kumar from Hisar, and Jagbir Singh from Sonipat.
All six told The Indian Express that the company shut down a few years after it was formed and said they had no knowledge of any loan given to I-PAC.
Sandeep Rana, who now works in the private sector in Gurugram, said the firm never carried out any business and was dissolved soon after. He said he was unaware of any financial transaction involving I-PAC.
Vijender, who currently runs a YouTube channel in Jind, said the company was created for land-related work but was abandoned after an early deal failed. He said the partners then decided to close the firm and that he had no information about the alleged loan or contact with the other shareholders.
Vikram Munjal, a lawyer and property broker based in Rohtak, also said the company was dissolved and that he knew nothing about any transaction linked to I-PAC.
The remaining shareholders, Pradeep Kumar, Jagbir Singh and Baljit Jangra, also said they had no involvement in or knowledge of any dealings with I-PAC after the company was shut.
The Indian Express also reviewed ROC filings of eight companies with similar names. Records from 2021 onwards showed that none of these firms reported any transaction of ₹13.50 crore, the amount I-PAC claimed to have received as a loan in December 2021.
ROC documents further show that I-PAC was incorporated in Patna on April 13, 2015, and moved its registered office to Kolkata in February 2022. Since its formation, the company’s directors and shareholders—Pratik Jain, Rishiraj Singh and Vinesh Chandel—have remained the same.