NEW DELHI: The Enforcement Directorate’s (ED) freeze on three HDFC Bank accounts holding around Rs 440 crore belonging to the Trinamool Congress (TMC) is likely to remain in force despite a Calcutta High Court order relaxing restrictions imposed by Kolkata Police on the party’s bank accounts.
Sources in the agency said ED was not a party to the petition on which the High Court passed its order. The court was dealing only with Kolkata Police’s decision to restrain two rival TMC factions from operating the accounts amid competing claims over the funds. The ED’s action under the Prevention of Money Laundering Act (PMLA), including the freezing of three of TMC’s 18 bank accounts, was not under consideration before the court.
The accounts were frozen under Section 17 of the PMLA, which empowers the agency to conduct search and seizure operations, while Section 17(1A) authorises it to freeze or seize assets. The validity of such action is examined by the PMLA adjudicating authority, with further appeals lying before higher judicial forums.
The remaining TMC accounts include seven with Indian Bank in Kolkata, four with the State Bank of India—two each in Delhi and Kolkata—and one with Union Bank’s Dharmatala branch in Kolkata.
The ED has alleged that it uncovered evidence suggesting that around Rs 160 crore was laundered by certain TMC members through an aviation company to finance the purchase of an aircraft and a helicopter.
On Wednesday, the agency said its investigation found that nearly Rs 160 crore was transferred from TMC bank accounts to Carewell Aviation India and a related entity, largely between April 2023 and June 2026.
According to the ED, Carewell Aviation subsequently transferred Rs 82.9 crore to another newly incorporated related entity, while a total of Rs 112 crore was used to acquire an Embraer Legacy 600 aircraft and an Agusta 109 Grand New helicopter.
The agency also alleged that an unsecured loan of $1.7 million was arranged from a Cayman Islands-based entity to finance the helicopter purchase. It is examining the overseas funding link as part of its ongoing money laundering investigation.
Meanwhile, in Kolkata, TMC’s breakaway faction led by Ritabrata Banerjee said it would challenge the High Court order by filing a special leave petition before the Supreme Court and would seek to make the ED a party to the proceedings.
