KOLKATA: The alleged purchase of a luxury aircraft and helicopter using funds linked to the All India Trinamool Congress (AITC) has become the focal point of a major Enforcement Directorate (ED) investigation. Claiming that party funds were routed through aviation companies to acquire an Embraer Legacy 600 aircraft and an Agusta 109 Grand New helicopter, the ED has frozen ₹440.42 crore lying in three HDFC Bank accounts of the party. The action was taken under the Prevention of Money Laundering Act (PMLA), 2002, following searches conducted by the agency’s Kolkata Zonal Office.
Searches Conducted at Five Locations
The Enforcement Directorate said it carried out coordinated search operations at five premises in and around Kolkata linked to the Carewell group of companies, which operates in the aviation sector. The searches were part of an ongoing money laundering investigation based on an FIR registered by the Cyber Police Station in Bidhannagar, West Bengal.
According to the agency, the FIR relates to alleged dishonest financial dealings, unlawful collection of money and the routing of suspected funds through bank accounts connected to AITC. During the raids, officials seized financial records, electronic data and banking documents that are now being analysed to establish the complete money trail.
The ED said the freezing of the party’s bank deposits was carried out under Section 17(1-A) of the PMLA to preserve assets while the investigation continues.
ED Traces Money Trail to Aviation Firms
According to the agency, investigators have identified financial transactions worth nearly ₹160 crore that were transferred from AITC bank accounts to Carewell Aviation India Pvt. Ltd. and another related entity between April 2023 and June 2026.
The ED suspects these transfers formed the financial foundation for the acquisition of aviation assets. Investigators are examining whether the transactions were genuine business payments or part of a structured arrangement to divert funds.
Officials are also tracing transactions involving multiple companies to determine the movement of money and identify those who ultimately benefited from the alleged transfers.
Aircraft and Helicopter Purchases Under Investigation
The investigation has primarily centred on the purchase of an Embraer Legacy 600 business jet and an Agusta 109 Grand New helicopter.
The ED alleged that around ₹82.96 crore was routed to a newly incorporated related entity between 2023 and 2026 for the acquisition of the two aircraft. The agency further claimed that approximately ₹112 crore was eventually spent to complete the purchases.
Investigators are examining whether the assets were purchased using funds originating from AITC accounts and whether the financial transactions complied with existing legal and regulatory provisions.
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The agency also stated that an unsecured loan of nearly USD 1.7 million was arranged in 2023 from a Cayman Islands-based entity to finance the helicopter purchase. Officials are verifying the source of the overseas funding and whether all foreign exchange and financial regulations were followed.
ED Alleges Aircraft Were Leased Back to AITC
One of the key allegations made by the Enforcement Directorate is that after the aircraft and helicopter were acquired, they were subsequently rented out to AITC itself.
According to investigators, although the aviation assets were allegedly purchased using funds originating from the party, substantial payments were later made under the head of aircraft usage and rental charges. The agency believes this arrangement may have been designed to conceal the actual nature of the financial transactions.
Officials are now examining whether the leasing structure generated financial benefits for associated companies or individuals and whether it constituted a mechanism for laundering funds.
Bank Deposits Frozen During Probe
The ED has frozen ₹440.42 crore lying in three HDFC Bank accounts belonging to AITC as part of the ongoing investigation. Officials said the action was taken under powers available under the PMLA, which permits investigators to freeze assets suspected to be connected with proceeds of crime during the course of an investigation.
Legal experts point out that such a freeze is a provisional measure and does not amount to a judicial finding of guilt. The allegations made by the Enforcement Directorate remain under investigation and will ultimately be subject to judicial scrutiny.
Investigation Still in Progress
The Enforcement Directorate said further investigation is underway to examine additional financial transactions, banking records and corporate documents connected with the case. Officials are expected to continue questioning individuals associated with the companies involved while analysing the complete financial trail.
The agency has indicated that more action may follow if further evidence emerges during the investigation.
The case has drawn significant attention because of the size of the funds involved and the allegation that party money may have been used to acquire high-value aviation assets before being routed back through rental payments. However, the allegations made by the ED have not yet been adjudicated by any court, and the investigation remains ongoing. The outcome of the case will depend on the evidence gathered by investigators and subsequent legal proceedings under the Prevention of Money Laundering Act.
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