ED Freezes ₹440 Crore of TMC's Bank Deposits in Money-Laundering Probe

The Enforcement Directorate, India's federal agency that investigates financial crimes, has frozen three bank accounts belonging to the All India Trinamool Congress. Together, these accounts held deposits worth about ₹440.42 crore. The freeze was carried out using powers under India's anti-money laundering law after the agency conducted searches at five locations in and around Kolkata.

The premises searched belonged to the Carewell group of companies, a business operating in the aviation sector. The investigation traces back to a police complaint filed by the Cyber Police in Bidhannagar, West Bengal, which alleged dishonest financial dealings, illegal collection of money, and suspicious movement of funds through the party's bank accounts.

According to the agency, its investigation found that roughly ₹160 crore moved out of the party's bank accounts into Carewell Aviation India Pvt. Ltd. and a related company, mostly between April 2023 and June 2026. This money did not stay within Carewell Aviation alone.

Investigators say Carewell Aviation then transferred nearly ₹83 crore over the same period to another company that had been freshly set up. This newly formed entity used the funds, along with other money, to purchase two costly assets: a business jet model known as the Embraer Legacy 600 and a helicopter model called the Agusta 109 GrandNew. In total, about ₹112 crore was spent on these two purchases.

Part of the helicopter's cost was financed differently. The agency found that in 2023, an unsecured loan of 1.7 million US dollars was taken from an entity based in the Cayman Islands to help pay for it.

The twist, according to the agency, is what happened after the jet and helicopter were bought. Despite having been purchased using money that originally came from the party's own funds, both aircraft were then rented out to the same party, the Trinamool Congress. Over time, large sums were paid by the party to use these aircraft, effectively sending money back through a rental arrangement.

The agency has said this circular movement of funds, from the party to a company, then to another new company for buying aircraft, and finally back to the party as rental payments, is now under closer examination. Investigators want to establish who actually benefited from this arrangement and why it was structured this way.

This action adds a new financial angle to scrutiny of the party's fund management and could lead to further questioning, additional freezes, or formal charges as the probe continues. No individual has been named or arrested so far, and the case remains at the investigation stage.