ED Freezes TMC Bank Deposits Worth ₹440 Crore in Major Money Laundering Probe

In a significant development in the alleged financial irregularities involving the All India Trinamool Congress (TMC) , the Enforcement Directorate (ED) on Wednesday froze bank deposits worth ₹440.42 crore belonging to the party under the Prevention of Money Laundering Act (PMLA) . The action follows a series of searches conducted in Kolkata as part of an ongoing investigation into the alleged misappropriation and diversion of party funds.

According to ED officials, the frozen amount is spread across three private bank accounts of the TMC. The freezing orders were issued under Section 17(1-A) of the PMLA , which empowers the agency to seize or freeze assets believed to be linked to proceeds of crime.

The latest action comes a day after the ED carried out searches at five locations in Kolkata , including premises linked to the Carewell Group of Companies , which operates Carewell Aviation India Pvt. Ltd. , a private jet and charter services company.

The agency's preliminary investigation has allegedly revealed that nearly ₹160 crore was transferred from TMC bank accounts to Carewell Aviation India Pvt. Ltd. and a related entity between April 2023 and June 2026 . Investigators further claim that ₹82.96 crore was subsequently routed to another newly incorporated company.

The ED has alleged that ₹112 crore from these transactions was used to purchase an Embraer Legacy 600 business jet and an AgustaWestland 109SP helicopter . According to the agency, both aircraft were later rented out to the TMC for its use.

The investigation has its origins in the party's internal conflict. Last month, Kolkata Police froze debit operations on the same bank accounts after complaints were filed by rebel TMC MLAs , who sought an investigation into the source and utilisation of the party's funds amid an ongoing battle over control of the party's finances.

On July 2 , while hearing a petition filed by the Mamata Banerjee-led faction challenging the debit freeze, the Calcutta High Court directed the concerned private banks to disclose the total corpus held in the three accounts.

The TMC had not issued an official response to the ED's latest action till the filing of this report, while a response from Carewell Aviation India Pvt. Ltd. was also awaited. The money laundering investigation is expected to continue as the ED examines the flow of funds and the alleged financial transactions linked to the case.