ED Probes ₹160 Crore TMC Payments to Aviation Firm for Jet and Chopper

NEW DELHI — The Enforcement Directorate (ED) has uncovered financial transactions totaling ₹160 crore paid by the Trinamool Congress (TMC) to a Kolkata-based firm, Carewell Aviation India Pvt Ltd, and its affiliated entities between July 2021 and June 2026. According to financial crime investigators, the political party allegedly provided an interest-free security deposit of ₹88.5 crore to enable the charter firm to acquire an Embraer Legacy 600 VIP jet and an Agusta 109 Grand helicopter, which were then leased back to the party at inflated hourly rates.

Federal agents designated the arrangement as a calculated circular financial mechanism. Preliminary findings indicate that Carewell Aviation lacked the independent capital required to procure the aircraft and routed the security deposit directly to its Gujarat International Finance Tec-City (GIFT City) offshore division, Carewell Flyjet IFSC Pvt Ltd, to complete the purchases abroad.

                KEY TRANSACTION METRICS UNDER ED SCRUTINY
+------------------------------------+---------------------------------------+
| Parameter                          | Details Reported by ED                |
+------------------------------------+---------------------------------------+
| Total Funds Transferred (2021–2026)| ₹160 Crore                            |
| Interest-Free Security Deposit     | ₹88.5 Crore                           |
| Direct Purchase Asset Cost         | ₹112 Crore                            |
| Aircraft Models Procured           | Embraer Legacy 600 & Agusta 109 Grand |
| Offshore Destination Entity        | Carewell Flyjet IFSC Pvt Ltd (GIFT)   |
| Offshore Cayman Island Transfer    | ₹16 Crore (Under Investigation)       |
| Jet Charter Rate (TMC vs. Public)  | ₹16.5 Lakh/hr vs. ₹7.6 Lakh/hr        |
+------------------------------------+---------------------------------------+

Structure of Aircraft Acquisition and Leasing Deals

Carewell Aviation India Pvt Ltd was incorporated on September 14, 2021, shortly after the TMC returned to power in West Bengal. Official filings demonstrate that the charter provider signed leasing agreements with the political party prior to taking delivery of the flying assets. The Embraer Legacy 600 aircraft was acquired on June 6, 2023, two months after the charter contract and security deposit were executed. Similarly, the Agusta 109 Grand helicopter charter deal was signed in March 2025, one month before its formal acquisition on April 17, 2025.

Investigating officers noted that the charter terms required the political party to pay minimum monthly charges of ₹90 lakh for the jet and ₹60 lakh for the helicopter, totaling a contractual commitment of ₹186.9 crore over six years, exclusive of GST. Financial auditors highlighted that despite maintaining these fixed commitments, the party spent an additional ₹149 crore hiring supplementary charter aircraft from third-party vendors during the same period.

Discrepancies in Operating Rates and Offshore Transfers

The probe revealed substantial disparities in the hourly rates billed to the political party compared to standard commercial clients. Carewell Aviation charged the party up to ₹16.5 lakh per flying hour for the Embraer jet, whereas non-affiliated clients without security deposit contributions were billed approximately ₹7.6 lakh per hour.

The agency is also analyzing a cross-border transaction of over ₹16 crore originating from the Cayman Islands connected to the asset acquisitions. Furthermore, investigators recorded statements from company directors regarding a payment of ₹9.1 crore made to another entity, Windborne Aviation, for 11 flying hours on a Falcon 2000 aircraft, reflecting an hourly rate of ₹75.7 lakh.

Official Sources Section

Financial audit parameters, bank account seizures, and transaction schedules cited in this report originate from investigative filings and press briefings by the Enforcement Directorate (ED). Corporate registration details and directorial histories are sourced from public records maintained by the Ministry of Corporate Affairs (MCA).

Official Quotes

According to official statements by investigating authorities and party representatives:

"The entire arrangement appears to be a calculated commercial structure without genuine financial rationale, where aviation assets were acquired using party funds and subsequently rented back at inflated rates." — Enforcement Directorate Official

"Since the matter is sub judice, we do not want to comment." — Trinamool Congress Representative

Why It Matters

The investigation underscores heightened regulatory oversight surrounding political party expenditures, campaign finance management, and electoral fund deployments. It establishes critical precedents regarding how statutory agencies evaluate off-balance-sheet corporate arrangements, interest-free advances, and offshore special purpose vehicles utilized for asset procurement.

Key Facts at a Glance

• Total Transfer Amount: ₹160 crore transferred from party accounts to Carewell Aviation and related entities between 2021 and 2026.

• Asset Purchases: ₹112 crore deployed to buy an Embraer Legacy 600 jet and an Agusta 109 Grand VIP helicopter via GIFT City offshore channels.

• Interest-Free Advance: Party provided ₹88.5 crore as an interest-free security deposit to enable the company to buy the aircraft.

• Rate Divergence: Flying hours for the jet were billed to the party at ₹16.5 lakh/hr, compared to ₹7.6 lakh/hr for general market customers.

• Foreign Trail Probe: ED is actively tracking an linked ₹16 crore transaction originating from the Cayman Islands.

Frequently Asked Questions (FAQ)

Q1: What is the core allegation made by the Enforcement Directorate?

The ED alleges that TMC transferred ₹160 crore to Carewell Aviation—including an ₹88.5 crore interest-free deposit—to buy a VIP jet and helicopter that were then leased back to the party at inflated rates.

Q2: How were the aircraft acquired by Carewell Aviation?

Carewell Aviation transferred the interest-free security deposit received from party accounts to its offshore entity in Gujarat's GIFT City to complete the purchases of the Embraer jet and Agusta helicopter.

Q3: What specific aircraft were purchased under this arrangement?

The transactions involved an Embraer Legacy 600 business jet purchased in June 2023 and an Agusta 109 Grand VIP helicopter acquired in April 2025.

Source: Enforcement Directorate (ED), Ministry of Corporate Affairs (MCA).