The Enforcement Directorate (ED) has uncovered alleged discrepancies amounting to at least Rs 164 crore in bank accounts linked to the Trinamool Congress (TMC), prompting the agency to seek detailed transaction records directly from the bank.
According to investigators, the source and destination of the funds remain unclear, with no proper reconciliation available for a series of high-value transactions. With internal records failing to provide clarity, the agency has written to bank authorities requesting a comprehensive, transaction-wise breakdown linked to the party’s primary account.
The development has triggered sharp political reactions, particularly from the BJP. Party MLA Sajal Ghosh claimed the Rs 164 crore figure could be only a fraction of a much larger financial irregularity. “This is just the tip of the iceberg. If the probe continues properly, the amount could reach Rs 1,000 crore,” he alleged.
The probe has also expanded beyond bank accounts, with an aviation services firm, Carewell Aviation, coming under scrutiny. Searches conducted by the ED’s Kolkata zonal office at multiple locations, including the company’s registered office on Radhabazar Street, reportedly revealed suspicious financial transactions involving large sums.
Investigators suspect a case of “circular trading,” involving the cyclical routing of funds. Between April 2023 and June 2026, around Rs 160 crore is alleged to have been transferred from TMC-linked accounts to Carewell Aviation. Officials claim that a portion of these funds — approximately Rs 82.96 crore —was routed through an associate entity before being used to purchase high-value aviation assets.
These include an Embraer Legacy 600 aircraft and an Agusta109 Grand New helicopter, acquired at a combined cost of about Rs 112 crore.
The ED is examining whether these assets were effectively financed using party funds and then leased back to the TMC at elevated rates for election campaigning and related activities. Such an arrangement, if proven, could indicate a deliberate mechanism to route money out of and back into party-linked entities.
As part of its ongoing investigation under the Prevention of Money Laundering Act (PMLA), the agency has already frozen funds worth Rs 440.42 crore held across three HDFC Bank accounts associated with the party.
Officials say the next phase of the probe will depend on the bank’s response, which is expected to provide a detailed account of the transactions in question. The findings could play a crucial role in determining the scale and nature of the alleged financial irregularities.
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