Enforcement Directorate probes Rs 160 crore jet and helicopter deal linked to TMC
India's Enforcement Directorate is investigating a Rs 160 crore transaction in which the Trinamool Congress allegedly funded a little-known firm to purchase an Embraer jet and an Agusta VIP helicopter that were then rented back to the party.
The Enforcement Directorate’s inquiry into a Kolkata-based aviation outfit alleges that the Mamata Banerjee-led Trinamool Congress funneled Rs 160 crore from its treasury to Carewell Aviation India Pvt Ltd to acquire an Embraer Legacy 600 jet and an Agusta 109 Grand helicopter. After receiving an interest-free security deposit of Rs 88.5 crore, the company moved the funds to its offshore subsidiary, Carewell Flyjet IFSC Pvt Ltd, registered in Gujarat’s Gift City, and used them for the purchases.
The aircraft were then rented back to TMC for a total of Rs 187 crore, with a minimum monthly charge of Rs 90 lakh for the jet and Rs 60 lakh for the helicopter. Further scrutiny includes a Rs 16 crore transfer from the Cayman Islands and the pricing disparity between the charter rates charged to TMC and other clients such as Windborne Aviation. Directors Pawan Jaju and Ramesh Jaju have been summoned for statements, and the agency suspects the arrangement may be an artificial commercial device lacking genuine financial justification.
Why it matters
The case highlights possible misuse of party funds and raises questions about transparency in political financing and corporate dealings in India.
In this story
