An investigation conducted by the Economic Offences Wing (ED) concerning a Kolkata-based airline revealed that a party led by Mamata Banerjee, Trinamool Congress (TMC), allegedly channeled 160 crore rupees from its funds to an obscure firm, Carewell Aviation India Pvt Ltd. These funds were used to acquire an Embraer aircraft and an Agusta VIP helicopter, which were subsequently leased to TMC for 187 crore rupees.
Sources reported that the money laundering probe focused on TMC providing the airline with an irrevocable deposit of 88.5 crore rupees. The airline itself lacked the funds to purchase the aircraft and helicopter it later leased to the party. Once the deposit was received, Carewell Aviation transferred it to its offshore entity, Carewell Flyjet IFSC Pvt Ltd, registered in the Gujarat Gift City, which is considered a foreign territory, for further procurement of the aircraft and helicopter.
Furthermore, the investigation involves another transfer of over 16 crore rupees from the Cayman Islands related to this deal. TMC was supposed to pay 186.9 crore rupees, excluding GST, for the use of the aircraft for 72 months and the helicopter for 56 months. Despite the party not fully utilizing the minimum guaranteed flight hours under the charter agreement, during this period (2021–2026), it hired aircraft and helicopters from other companies totaling 149 crore rupees.
When contacted, a TMC source stated: 'Since the matter is before the court, we do not wish to comment.' The 'suspicious' nature of the transactions prompted the ED to examine why TMC made an irrevocable deposit of 88.5 crore rupees when it had to pay for the lease of the aircraft and helicopter. According to the agreement, TMC was required to pay a minimum monthly rate of 90 lakh rupees for the aircraft and 60 lakh rupees for the helicopter.
Carewell Aviation was established just a few months after TMC returned to office for the third time following the assembly elections in April 2021. Subsequently, after losing the assembly elections in 2026, TMC made a three-month advance payment to this company to cover the period until September 2026, which, according to the agency, contradicts common practice.
Sources indicated that the ED questioned Carewell Aviation directors regarding these operations and recorded their statements on issues such as the reason for TMC invoicing the company 16.5 lakh rupees per hour of aircraft flight and the timing of invoices issued to other parties who did not assist it in such a crucial matter as making the deposit at a much lower rate of 7.6 lakh rupees per hour for the Embraer.
The investigations also showed that TMC paid another charter service, Windborne Aviation, 75 lakh rupees per hour for leasing a Falcon 2000 aircraft. TMC used the Falcon aircraft for only about 11–12 hours but paid 9.1 crore rupees, amounting to approximately 75.7 lakh rupees per hour.
According to sources, the financial trail showed that between July 2021 and June 2026, Carewell Aviation and its affiliated structures received over 160 crore rupees for 'charter services' for the Embraer aircraft and Agusta helicopter. Investigators suspect that this deal is an 'artificial commercial arrangement' and a 'settlement mechanism' devoid of any genuine financial logic, given that both aircraft were allegedly purchased entirely with funds received from TMC, and then the two aviation assets were leased to this party.
The aircraft was acquired two months after the signing of the charter agreement and the provision of the deposit. Similarly, the charter agreement for the VIP helicopter was signed by TMC in March 2025, and the helicopter itself was purchased a month later, in April.
Carewell Aviation, founded on September 14, 2021, with Pawan Jadhu and Ramesh Jadhu as directors, acquired the Embraer Legacy 600 on June 6, 2023, and the Agusta 109 Grand helicopter on April 17, 2025, using its offshore structure.
