ED Freezes TMC Bank Accounts Holding Rs 440 Crore in Alleged Money Laundering Case

The Enforcement Directorate (ED) has frozen three bank accounts of the All India Trinamool Congress containing deposits worth Rs 440.42 crore under the provisions of the Prevention of Money Laundering Act (PMLA) , intensifying an ongoing investigation into alleged financial irregularities linked to the party.

According to the agency, the action was taken under Section 17(1A) of the PMLA , which allows authorities to freeze assets when seizure is not practical and there is a need to prevent their transfer or use during an investigation. The order will require confirmation from the PMLA adjudicating authority within the prescribed period.

The ED's move follows searches conducted at five locations in Kolkata, including premises linked to Carewell Aviation India Pvt. Ltd. , a company engaged in aircraft leasing, charter services and aviation consultancy. The investigation stems from a case registered by Kolkata Police regarding alleged unlawful collection and movement of funds through certain bank accounts associated with the party.

The agency claimed that preliminary findings indicate that around Rs 160 crore was transferred from TMC-linked accounts to Carewell Aviation and related entities between April 2023 and June 2026. It further alleged that a portion of these funds was used to acquire an Embraer Legacy 600 aircraft and an Agusta 109 GrandNew helicopter , which were later rented to the party. Investigators are also examining an unsecured loan of USD 1.7 million reportedly arranged from a Cayman Islands-based entity for the helicopter purchase.

The TMC strongly rejected the allegations, describing the ED's action as politically motivated, arbitrary and illegal . The party stated that all donations and financial transactions had been transparently disclosed to the Election Commission of India and the Income Tax Department, with records available in the public domain.

In a statement, the party led by Mamata Banerjee accused the ruling Bharatiya Janata Party of misusing investigative agencies to target political opponents. The development comes amid internal turmoil within the TMC following its recent electoral setback in West Bengal and is expected to further intensify the political confrontation between the two parties.