India, July 8 -- The Enforcement Directorate (ED) on Monday conducted searches at five premises linked to the Carewell Group in connection with an alleged money laundering case involving the misappropriation and illegal collection of funds related to AITC. The searches are part of an investigation into the alleged transfer of nearly Rs 160 crore from AITC to Carewell Aviation India Pvt. Ltd. and its related entities between April 2023 and June 2026. According to the ED, the funds were routed through multiple bank accounts to conceal their actual source and destination. The agency alleged that around Rs 82.96 crore was subsequently transferred from Carewell Aviation India Pvt. Ltd. to a newly incorporated related entity during the 2023-2026 period. Also Read - Delhi HC seeks Centre's stand on Ambassador Hotel's plea against show-cause notice for eviction The ED said its investigation found that a substantial portion of the funds received by Carewell Aviation India Pvt. Ltd. was used to purchase an Embraer Legacy 600 aircraft and an Agusta 109 SP helicopter valued at nearly Rs 112 crore. It alleged that while part of the money used to acquire the helicopter came from overseas sources, the bulk of the funding originated from AITC. According to the agency, despite being acquired using AITC's funds, both the aircraft and the helicopter were leased back to the company, which also made substantial payments for their use. The ED further alleged that the transactions formed part of a complex chain designed to conceal the actual beneficiaries and purpose of the payments. It said the searches were carried out to gather documentary and electronic evidence to trace the flow of funds and determine whether the transactions violated the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The investigation is continuing.
Published by HT Digital Content Services with permission from Millennium Post.