Calcutta High Court refuses interim relief to Mamata-led TMC over frozen bank accounts

ED froze the three bank accounts on July 8 as part of a money laundering investigation into alleged transfers of funds to Carewell Aviation India and an associated entity between April 2023 and June 2026, in connection with the purported acquisition of an aircraft and a helicopter.

TMC, ED arguments

Before this, Senior Advocate Abhishek Manu Singhvi, appearing for the Mamata-led TMC, had argued during the hearings that the ED’s action was intended to nullify an earlier high court order issued in a separate proceeding. Singhvi submitted that ED was aware that the accounts were likely to be unfrozen in the other proceedings, yet imposed a fresh freeze in its money laundering investigation.

ED, however, defended its action, maintaining that the attachment stemmed from an independent PMLA investigation into suspected money laundering transactions and was unrelated to the earlier police action.

According to ED sources, the agency has also written to the bank requesting details on who deposited or withdrew money and at what times from these accounts.

Previous court action

On July 9, Justice Saugata Bhattacharya appointed retired judge Justice Subrata Talukdar as the special officer till September 30. The court allowed the TMC to partially resume operating its frozen bank accounts under Justice Talukdar’s supervision.

The court allowed any two of the authorised signatories of those three bank accounts to present cheques to the court-appointed special officer, as and when funds are required to fund day-to-day expenses.

This order came after the Mamata Banerjee-led faction moved the high court seeking immediate intervention following the police freezing three of its accounts on June 19.

Following the party’s defeat in the Bengal Assembly polls, the rebel group of TMC MLAs and leaders had asked the bank to freeze the party’s accounts, citing “serious dispute” within the party.

The rebels also lodged a complaint with the Cyber Crime unit of Bidhannagar police, seeking a probe into the source of the funds, after which the police registered an FIR and launched an investigation.