The Enforcement Directorate (ED) has frozen bank accounts holding Rs 440.42 crore belonging to the Trinamool Congress (TMC) under provisions of the Prevention of Money Laundering Act (PMLA), intensifying its probe into alleged financial irregularities involving a private civil aviation company and the purchase of high-value aircraft.
The action comes a day after the central agency carried out searches at multiple locations linked to a private aviation firm in and around Kolkata. According to the ED, preliminary findings indicate that substantial funds from the political party’s corpus were transferred to aviation-related entities and subsequently utilised for the acquisition of a luxury business jet and a helicopter.
Rs 160 crore transferred to aviation firm
In a statement, the ED said its investigation has revealed that approximately Rs 160 crore was transferred from TMC bank accounts to M/s Carewell Aviation India Pvt Ltd. and a related entity between April 2023 and June 2026.
Officials said the transactions are under scrutiny as investigators seek to establish the purpose behind the movement of funds and determine whether the transfers were in violation of provisions under the anti-money laundering law.
According to the agency, the money was allegedly routed through a series of interconnected entities before being utilised for the purchase of aviation assets.
Luxury jet and helicopter purchased
The ED claimed that between 2023 and 2026, Carewell Aviation transferred Rs 82.96 crore to a newly incorporated related company. Investigators allege that a total of Rs 112 crore was subsequently used by this entity to purchase two high-value aircraft, an Embraer Legacy 600 business jet and an Agusta 109 Grand New helicopter.
The agency is examining the complete funding trail associated with these purchases and whether the transactions were structured to conceal the actual source and ownership of the funds.
Officials said forensic analysis of financial records and banking transactions is continuing as part of the investigation.
Foreign funding angle under scanner
The probe has also expanded to include an international financial transaction linked to the helicopter purchase.
According to the ED, it is tracking the origin and utilisation of an unsecured loan worth USD 1.7 million that was reportedly arranged in 2023 through an entity based in the Cayman Islands.
Investigators are seeking information through international financial channels to determine the source of the loan, the entities involved, and whether the transaction complied with applicable regulations.
The foreign funding component is being examined as part of the broader money laundering investigation.
Aircraft leased back to TMC
A key aspect of the ED’s case revolves around what it describes as a potentially suspicious circular transaction arrangement.
According to investigators, after the aircraft were acquired using funds allegedly originating from TMC accounts, the same assets were leased back to the political party.
The agency alleges that significant payments were subsequently made under the head of aircraft usage and leasing charges.
Officials suspect that the arrangement may have been designed to create a layered financial structure that obscured the true movement and end-use of funds.
The ED stated that it is examining whether the transactions had any legitimate commercial purpose or whether they were intended to disguise the beneficial ownership and utilisation of the money.
Accounts frozen under PMLA
Based on its findings so far, the agency has frozen three HDFC Bank accounts belonging to the Trinamool Congress.
The action has been taken under Section 17(1-A) of the Prevention of Money Laundering Act, 2002, which empowers the ED to freeze assets and bank accounts during the course of an investigation where proceeds of crime are suspected.
Officials said the freezing order was necessary to prevent any further movement of funds while the investigation continues.
The total amount frozen across the three accounts stands at Rs 440.42 crore, making it one of the most significant financial actions taken against a political party in recent years.
Probe originated from West Bengal FIR
The money laundering investigation originates from a First Information Report (FIR) registered by the Cyber Police Station in Bidhannagar, West Bengal.
According to the ED, the FIR alleged dishonest financial dealings, unlawful collection of money, and routing of funds through specific bank accounts associated with the Trinamool Congress.
Under the provisions of the PMLA, the ED initiated its own investigation after taking cognisance of the predicate offence outlined in the FIR.
The agency subsequently conducted searches at five locations connected to the aviation company and associated individuals before ordering the freezing of the accounts.
Investigation continues
The ED has indicated that the investigation remains at an active stage and further examination of financial records, company documents, aviation contracts and international transactions is underway.
Officials are expected to scrutinise the ownership structures of the entities involved, the source of funds used for aircraft purchases, and the nature of payments made for leasing and operating the aviation assets.
The agency has not ruled out further action depending on the outcome of the ongoing probe.
The Trinamool Congress had not issued a detailed response immediately after the ED’s announcement. The developments are expected to trigger a political and legal battle as investigators continue to examine the alleged financial trail involving party funds and aviation assets.
