Following raids by the Enforcement Directorate (ED) on its Kolkata office and the residence of its director, Pratik Jain, political consultancy firm I-PAC has issued a statement assuring its full cooperation with the investigating agency. The raids, which took place on Thursday, are reportedly linked to a money laundering case connected to alleged coal smuggling.

I-PAC, in its statement released on Friday, described the events as "difficult and unfortunate" for a professional organization. While affirming its commitment to fully cooperate with the ED's investigation in accordance with the law, the firm also expressed "serious concerns" and noted that the raids set an "unsettling precedent". However, I-PAC did not elaborate on the specific nature of these concerns.

The ED's searches were conducted at multiple locations, including I-PAC's Salt Lake office and Jain's residence on Loudon Street. The agency stated that the operation was part of a lawful investigation under the Prevention of Money Laundering Act. The case is reportedly related to alleged money laundering connected to a coal-smuggling case that the CBI filed in 2020. The ED also alleged that its investigation revealed a hawala operator facilitated transactions of tens of crores of rupees to I-PAC.

The raids have triggered a significant political controversy in West Bengal, especially with the state gearing up for Assembly elections in a few months. Chief Minister Mamata Banerjee made an unscheduled visit to both the I-PAC office and Jain's residence during the raids. Banerjee accused the ED of overreach, alleging that the agency was attempting to seize internal documents and sensitive data related to the Trinamool Congress's (TMC) election strategy. She was seen emerging from Jain's residence carrying a green folder with documents and was later seen with security personnel placing files from I-PAC's office into her vehicle.

The ED has challenged Banerjee's actions in the Calcutta High Court, alleging obstruction of its inquiry and claiming that "key incriminating documents" were seized by the Chief Minister with the help of state police.

I-PAC has sought to distance itself from the political storm, emphasizing its role as a professional political consultancy that works with various parties across the political spectrum. The firm stated that it does not contest elections or hold political office and that its role is limited to providing transparent and professional consulting services, uninfluenced by political ideology. I-PAC maintains that it "has always upheld the highest standards of professional integrity" and is committed to continuing its work "unfazed and unperturbed" despite the ED's searches.