ED freezes TMC bank deposits of Rs 440 crore in money laundering probe
The Enforcement Directorate (ED) has issued orders to freeze bank deposits worth Rs 440 crore belonging to the All India Trinamool Congress (TMC) in Kolkata, under the provisions of the Prevention of Money Laundering Act (PMLA). The action, taken on Wednesday, is part of an ongoing investigation into alleged financial irregularities linked to the party's accounts.
According to the ED, the probe focuses on transactions totalling over Rs 150 crore that were allegedly routed through a network of aviation, travel, and allied service companies. Investigators are examining whether funds used for chartered flights during the TMC's 2024 Lok Sabha election campaign were layered through multiple entities to conceal their source.
The investigation originated from a complaint filed in June, which alleged that proceeds from a major cyber fraud had been transferred into certain TMC bank accounts. Based on this complaint, the police registered an FIR and initially froze debit transactions from three party accounts before the ED joined the probe under the PMLA.
The ED is now scrutinising at least 18 TMC bank accounts, along with transactions involving firms such as Carewell Travels, Windborne Aviation, and Anita Tours. On Tuesday, the agency conducted searches at five locations in Kolkata, including the offices of Carewell Travels, an electoral trust, and a chartered accountant. Documents and electronic devices were seized during these searches.
Additionally, the ED is investigating the acquisition of aircraft by Carewell Aviation between 2023 and 2026, and whether these purchases are linked to the suspected financial transactions. The agency has not yet made any arrests, and the investigation is ongoing.
The TMC has not issued an official response to the ED's action. The party has previously denied any wrongdoing, stating that its financial dealings are transparent and lawful. The matter is likely to be contested in court, as the party may challenge the freezing of its accounts.
This development comes amid a broader crackdown by central agencies on political parties and their financial networks, raising questions about the balance between investigative powers and political freedoms under the Constitution.
