ED Freezes TMC's Bank Deposits Worth Rs 440 Crore Under PMLA
The Enforcement Directorate (ED) has frozen bank deposits worth Rs 440.42 crore belonging to the All India Trinamool Congress (TMC) under the Prevention of Money Laundering Act (PMLA), officials confirmed on July 8, 2026. The amount is held in three private bank accounts, according to ED sources.
The action is part of an ongoing money laundering investigation linked to alleged irregularities in the distribution of funds. Officials stated that the frozen accounts are suspected to have been used to route illicit funds. The ED has issued a provisional attachment order under Section 5 of the PMLA, which allows freezing of assets believed to be proceeds of crime.
Details of the Seizure
The three accounts were operated by the TMC at private banks in West Bengal. The ED's investigation revealed that large sums were deposited and withdrawn in a manner that raised suspicion. The party has been asked to provide documentation to justify the source of the funds. Failure to do so may lead to permanent confiscation.
This is not the first time the ED has targeted TMC's financial assets. In 2024, the agency had attached properties worth over Rs 100 crore linked to party leaders in separate cases. The latest freeze comes ahead of the 2026 state assembly elections in West Bengal, adding political significance to the development.
Political Reactions
TMC leaders have denounced the action as politically motivated. Party spokesperson Kunal Ghosh said, "This is a witch-hunt by the central government to harass the opposition. We will challenge this order legally." Meanwhile, the BJP welcomed the move, with state president Sukanta Majumdar stating, "The ED is acting impartially against corruption. No party is above the law."
The ED has not yet released a detailed statement on the specific transactions under investigation. Sources indicate that the probe involves funds allegedly diverted from government schemes during the pandemic. The TMC has denied any wrongdoing and promised to cooperate with the investigation.
Impact and Next Steps
The freezing of accounts is likely to impact TMC's election campaign finances. The party will have to seek alternative funding or rely on cash reserves. Legal experts say the TMC can appeal the order before the Adjudicating Authority under PMLA within 180 days. If the appeal fails, the amount will be permanently forfeited to the central government.
The ED's action underscores the increasing use of PMLA to target political parties. In recent years, similar actions have been taken against parties in other states, including the DMK in Tamil Nadu and the BRS in Telangana. The TMC case is one of the largest involving a political party's bank deposits.
