ED Investigates Alleged Rs 160 Crore Funding by TMC to Aviation Company for Jet and Helicopter Purchase
India's Enforcement Directorate (ED) is investigating a Kolkata-based aviation company, Carewell Aviation India Pvt Ltd, for allegedly receiving Rs 160 crore from the Mamata Banerjee-led Trinamool Congress (TMC) to purchase an Embraer jet and an Agusta VIP helicopter. The money laundering probe focuses on an interest-free security deposit of Rs 88.5 crore provided by TMC to Carewell Aviation, a company reportedly lacking funds for such acquisitions. Upon receiving the deposit, Carewell Aviation allegedly transferred the funds to its offshore entity, Carewell Flyjet IFSC Pvt Ltd, registered in Gujarat's Gift City, for the aircraft purchases. The aircraft were subsequently rented back to TMC for Rs 187 crore over several months. Investigators suspect these transactions constitute an 'artificial commercial arrangement' designed to funnel funds, as the two aircraft were allegedly bought entirely with money from TMC and then leased back to the party. The jet was purchased two months after the charter agreement ...