ED freezes TMC’s Rs 440 crore funds after West Bengal poll loss
The Enforcement Directorate (ED) has frozen the Trinamool Congress (TMC)’s bank deposits worth Rs 440.42 crore under the Prevention of Money Laundering Act, dealing the party a severe financial setback at a critical juncture. The TMC, recently ousted from power in West Bengal by the BJP, now faces a paralysing restriction on its funds weeks after losing the state assembly elections.
The freeze hits the party when it is already reeling from internal rebellion and the challenges of operating as the principal opposition in the state. The ED has provisionally attached Rs 440.42 crore lying in three private bank accounts of the All India Trinamool Congress under Section 17(1-A) of the PMLA.
This comes after Tuesday’s raids at premises linked to Carewell Group and its aviation arm, Carewell Aviation. According to ED officials, the probe has uncovered transfers of around Rs 160 crore from TMC accounts to Carewell Aviation and related entities between April 2023 and June 2026. These funds were allegedly used to purchase an Embraer Legacy 600 jet and an AgustaWestland 109SP helicopter for Rs 112 crore, which were then rented back to the party.
The political implications of this freeze are profound and far-reaching for the Mamata Banerjee-led TMC. Having lost power in West Bengal for the first time in over a decade, the TMC is already in a weakened position. The freeze of nearly Rs 440 crore, a substantial part of its war chest, severely limits its ability to mount an effective opposition, fund protests, support party workers, or fight legal battles against the new BJP Government.
The ED order comes just days after the Calcutta High Court directed banks to disclose the corpus in these accounts. It follows last month’s debit freeze by Kolkata Police, triggered by complaints from rebel TMC MLAs. The party is now battling on multiple fronts, while its finances are locked.
As an opposition party, the TMC will find it extremely difficult to sustain large-scale political programmes, cadre mobilisation, or election-related expenses in the coming months. This could accelerate demoralisation among workers and leaders at a time when unity is most needed.
Political observers say that the attachment of such a large amount under the stringent PMLA sends a strong signal about the central agency’s reach into the finances of a major regional party that was in power until recently. It places the Mamata Banerjee-led faction under intense political and financial pressure.
There has been no immediate response from the Trinamool Congress or Carewell Aviation to the latest development. For the TMC, already navigating the difficult transition from ruling party to opposition, the Rs 440 crore lock-in could prove a long-term handicap in its efforts to regroup and challenge the BJP in West Bengal.
