Action Linked to Alleged Suspicious Transactions and Election Campaign Funding

The Enforcement Directorate (ED) has frozen bank deposits worth ₹440 crore belonging to the All India Trinamool Congress (TMC) as part of an ongoing money laundering investigation. The action, taken by the ED’s Kolkata unit under the Prevention of Money Laundering Act (PMLA), marks a significant development in the probe into the party’s financial transactions.

According to the agency, the investigation focuses on alleged suspicious transfers made to TMC-linked bank accounts. Officials claim that more than ₹150 crore was transferred to the party through aviation, travel and other companies. Investigators are examining the source and purpose of these transactions.

Funds Allegedly Used for 2024 Lok Sabha Campaign

The ED suspects that a portion of the funds was used to hire chartered aircraft for the TMC’s campaign during the 2024 Lok Sabha elections. The probe was initiated after allegations surfaced in June regarding a major cyber fraud and suspicious transfers into specific TMC bank accounts.

Initially, local police froze three bank accounts linked to the party. As the ED expanded its investigation, it scrutinised 18 bank accounts, eventually freezing deposits worth ₹440 crore after detecting what it described as suspicious financial activity.

Travel Firms Under Scanner

The investigation has also brought several companies under the ED’s scanner, including Carewell Travels, Windborne Aviation, and Anita Tours, which allegedly carried out financial transactions with TMC-linked accounts.

On Tuesday, ED officials conducted raids at five locations in Kolkata in connection with the case. During the searches, investigators seized documents and electronic devices from Carewell Travels, an electoral trust, and a chartered accountant associated with the transactions.

The agency is also examining aircraft-related financial dealings involving Carewell Travels between 2023 and 2026 to determine whether any violations of money laundering laws occurred.

The ED has not yet announced any arrests in the case. The investigation remains ongoing as officials continue to analyse financial records and digital evidence to establish the source and use of the funds.