The Enforcement Directorate (ED) has uncovered alleged discrepancies amounting to at least Rs 164 crore in bank accounts linked to the All India 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 multiple high-value transactions. With internal records failing to provide clarity, the ED has written to bank authorities requesting a comprehensive, transaction-wise breakdown linked to the party’s primary account.

The development has triggered sharp reactions from the Bharatiya Janata Party (BJP). Party MLA Sajal Ghosh alleged that the Rs 164 crore figure could be only a fraction of a much larger irregularity.

“This is just the tip of the iceberg. If the probe continues properly, the amount could reach Rs 1,000 crore,” he claimed.

Aviation firm under scanner

The probe has expanded beyond bank accounts, bringing aviation services firm Carewell Aviation 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 high-value transactions.

Investigators suspect a case of “circular trading,” involving 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 approximately Rs 82.96 crore was routed through an associate entity before being used to acquire high-value aviation assets.

Luxury aircraft and helicopter purchase

The assets in question include an Embraer Legacy 600 aircraft and an Agusta109 Grand New helicopter, purchased at a combined cost of about Rs 112 crore.

The ED is examining whether these assets were financed using party funds and subsequently leased back to the TMC at elevated rates for election campaigning and related activities—potentially indicating a deliberate fund-routing mechanism.

As part of the ongoing investigation under the Prevention of Money Laundering Act (PMLA), the agency has already frozen Rs 440.42 crore across three HDFC Bank accounts associated with the party.

Officials said the next phase of the investigation will depend on the bank’s response, which is expected to provide a detailed account of the transactions. The findings are likely to play a crucial role in determining the scale and nature of the alleged financial irregularities.

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