I-PAC declares ₹13.5 crore loan from Rohtak firm but lender has no legal existence

The Indian Political Action Committee (I-PAC), already under intense political and investigative scrutiny following West Bengal Chief Minister Mamata Banerjee’s intervention during an Enforcement Directorate search of its director’s Kolkata residence on January 8, has declared receiving an unsecured loan of ₹13.50 crore in 2021 from a Rohtak-based firm that does not exist in official records, according to The Indian Express.

According to filings made by I-PAC with the Registrar of Companies (ROC), the political consultancy stated in a document dated December 17, 2021, that it had received an unsecured loan of ₹13.50 crore from a company named Ramasetu Infrastructure India (P) Limited, listing the lender’s address as the third floor of Ashoka Plaza on Delhi Road in Rohtak, Haryana.

However, a physical visit to the address revealed that no such company operates from the premises. Further, a search of ROC records showed that no company by the name Ramasetu Infrastructure India (P) Limited has ever been incorporated.

What does appear in official records is a similarly named entity — Ramsetu Infrastructure India Private Limited — which was incorporated in October 2013 at the same Rohtak address. That company, however, was struck off by the ROC on August 8, 2018, nearly three years before the loan declared by I-PAC.

In a subsequent filing dated June 27, 2025, I-PAC stated that it had repaid ₹1 crore of the loan during the 2024–25 financial year, leaving an outstanding amount of ₹12.50 crore.

Queries sent by The Indian Express to I-PAC co-founder and director Pratik Jain, seeking clarification on the identity of the lender and the source of the funds, elicited no response. I-PAC’s Faridabad-based chartered accountant, Poonam Chaudhary, declined to comment, with one of her associates saying the questions had been forwarded to Jain. The firm’s company secretary, Taruna Kalra, also declined comment.

ROC records show that Ramsetu Infrastructure India Private Limited was dissolved under Section 248(1) of the Companies Act, 2013, which empowers the Registrar to strike off companies that fail to commence business, cease operations for two consecutive years, or default on statutory compliances.

Incorporation documents are available in the ROC database only for Ramsetu Infrastructure India Private Limited — not for the Ramasetu Infrastructure India (P) Limited named by I-PAC in its filings.

The ROC records also include a rent agreement dated October 8, 2013, between Ramsetu Infrastructure India Private Limited and Sunil Goel (and others) for the third-floor premises of Ashoka Plaza in Rohtak. Goel was quoted as saying by The Indian Express he did not recall the company. Satvir, his manager at the complex, said he had been at the premises for over six years and that no such company had operated there during that period.

At the time of its incorporation, Ramsetu Infrastructure India Private Limited listed six shareholders: Vikram Munjal (Rohtak), Sandeep Rana (Hisar), Vijender (Jind), Baljit Jangra (Hisar), Pradeep Kumar (Hisar) and Jagbir Singh (Sonipat). All six were quoted as saying by The Indian Express that the company had been wound up within a few years and denied any knowledge of a loan to I-PAC.

“We opened the firm but did not do any business and it was dissolved soon. I am not aware of any such transaction,” said Sandeep Rana, now employed in the private sector in Gurugram.

Vijender, who now runs a YouTube channel in Jind, said the firm had been formed for land-related ventures but was abandoned after an early deal collapsed. “We decided to dissolve the firm. I don’t know anything about this transaction,” he said, adding that he was no longer in touch with the other shareholders.

The remaining shareholders — Pradeep Kumar, Jagbir Singh and Baljit Jangra — also said they had no knowledge of any dealings with I-PAC after the company’s closure.

ROC records show that I-PAC was incorporated in Patna on April 13, 2015, and shifted its registered office to Kolkata in February 2022. Its directors and shareholders — Pratik Jain, Rishiraj Singh and Vinesh Chandel — have remained unchanged since incorporation.