The political landscape in West Bengal is facing a severe jolt as the Enforcement Directorate (ED) uncovers a high-stakes financial irregularity involving former Chief Minister Mamata Banerjee’s Trinamool Congress (TMC). According to latest investigative findings, a massive sum of approximately ₹160 crore was channeled from the party’s official treasury to a Kolkata-based private firm, Carewell Aviation India Private Limited. Investigators claim these public and political funds were strategically deployed to procure high-end luxury aircraft, which were subsequently leased back to the political outfit in what regulatory authorities are terming a questionable business arrangement.
Offshore Transfers and Suspicious Security Deposits
According to insider sources spearheading the money laundering probe, the financial trail indicates that the TMC extended a staggering ₹88.5 crore as an interest-free security deposit to Carewell Aviation. Financial audits suggest that the private entity lacked the independent capital required to acquire premium aviation assets on its own.
Upon receiving the substantial deposit, the company allegedly transferred funds to its offshore subsidiary, Carewell Flyjet IFSC Pvt Ltd, registered in Gujarat’s GIFT City, to finalize the aircraft purchases. Furthermore, investigators are scrutinizing an additional suspicious fund transfer amounting to ₹16 crore linked to the Cayman Islands. Contractual terms dictated that the TMC was slated to pay ₹186.9 crore (excluding GST) for a 72-month lease on an Embraer jet and a 56-month lease on an Agusta helicopter.
Questionable Lease Agreements and Financial Contrivance
Despite committing massive public funds toward guaranteed usage, analytical reports highlight that the political party failed to utilize its minimum guaranteed flying hours. Paradoxically, the party additionally shelled out an extra ₹149 crore on chartering alternative aircraft and helicopters from other commercial vendors between 2021 and 2026.
Forensic investigators have characterized the entire operation as a meticulously engineered financial contrivance. Corporate records indicate that Carewell Aviation was incorporated relatively recently on September 14, 2021, under the directorship of Pawan Jaju and Ramesh Jaju. The firm subsequently acquired an Embraer Legacy 600 jet on June 6, 2023, followed by an Agusta 109 Grand helicopter on April 17, 2025—both purchases directly funded by capital funneled straight from political coffers. As federal agencies deepen their inquiry into asset acquisition and fund diversion, political accountability in the state faces unprecedented scrutiny.