ED Alleges ₹20 Crore Hawala Trail Linked to I-PAC’s Goa Operations, TMC Cry Foul

Affidavit before Calcutta High Court claims proceeds of coal smuggling were routed through multiple domestic and international channels during the 2021–22 Goa Assembly elections

Baby Chakraborty, KalimNews, January 12, 2026, Kolkata :   The Enforcement Directorate (ED) has informed the Calcutta High Court that it has uncovered an alleged ₹20 crore hawala transaction linking the Trinamool Congress (TMC) and the Indian Political Action Committee (I-PAC), a political strategy firm, in connection with the 2021–22 Goa Assembly elections. In an affidavit submitted to the court, the central agency has claimed that the money was transferred from the TMC office in Kolkata to I-PAC’s Goa operations through a complex web of domestic and international hawala channels.

According to the ED, the funds constituted “proceeds of crime” generated from alleged coal smuggling activities. The agency has stated that the amount bypassed the formal banking system and changed hands at least six times through hawala operators before ultimately reaching a company associated with I-PAC in Goa. The money, the ED has alleged, was subsequently utilised for I-PAC’s organisational and operational activities during the Goa election period.

Detailing the alleged money trail, the ED has told the court that the funds first moved from Kolkata to a former director of a financial firm based in Delhi. From there, the money was allegedly routed through a hawala operator identified as ‘Munna’ and passed through several intermediaries before reaching an entity named R Kantilal. In Goa, the agency claims, the cash was received by employees of an event management and technology company who were, according to investigators, working on behalf of I-PAC.

The investigation has also placed I-PAC co-founder Pratik Jain at the centre of the case. The ED has submitted that Jain was overseeing I-PAC’s activities in Goa during the relevant period. Acting on this information, the agency conducted searches at ten locations in Delhi and Kolkata in early January, including Jain’s residence on Loudon Street in Kolkata as well as the I-PAC office. Officials have maintained that the searches were carried out on the basis of documentary and digital evidence gathered during the probe.

The case has triggered sharp political reactions. The Trinamool Congress has alleged that central investigative agencies are being misused to target opposition parties and create political pressure, particularly ahead of elections. The ED, however, has rejected these claims, asserting that its actions are strictly evidence-driven and that all materials supporting its allegations have been placed before the court.

At the heart of the controversy lies the question of whether illegal funds were channelled to a political strategy firm through a hawala network or whether the investigation itself is being leveraged as a political tool. With the matter now under the scrutiny of the Calcutta High Court, the ED’s findings and the counter-arguments are expected to be closely examined as legal proceedings continue.