TMC Fund War Escalates: Three Accounts Holding Rs 440 Crore Seized, More Freezes Underway

Last Updated:June 20, 2026, 15:11 IST

The reported seizure comes amid a widening power struggle within the party over control of its Rs 534-crore fund.

The bitter internal conflict within the Trinamool Congress (TMC) has entered a new phase, with three HDFC Bank accounts allegedly linked to the party and holding nearly Rs 440 crore reportedly being seized. Sources indicate that the process of freezing additional accounts is also underway.

The financial crackdown comes amid an escalating power struggle within the party over control of its reported Rs 534-crore fund, following a series of major political setbacks and a widening split between rival factions.

Arup Biswas Sought Freeze On Party Accounts

The dispute moved into the banking system after former West Bengal Sports Minister Arup Biswas sent a letter to the party’s bankers, identifying himself as the TMC’s treasurer and seeking an immediate freeze on all party bank accounts.

In his communication, Biswas reportedly argued that a rebel faction within the party was attempting to gain control of the organisation’s financial resources and that transactions should be halted until the dispute was resolved.

Rebel MLA Approaches Cyber Cell

The move triggered a sharp response from the rival camp. A rebel TMC MLA subsequently filed a complaint with the Cyber Cell, alleging serious financial irregularities in the party’s accounts.

The complaint claimed that substantial funds may have been generated through illegal means, abuse of influence, extortion and other unlawful financial activities and were allegedly routed through electronic banking channels. The complainant sought a detailed investigation into the source and movement of the funds.

The MLA also warned that electronic evidence, banking records and transaction data could be altered or destroyed if immediate action was not taken.

Demand For Criminal Investigation

The complaint urged the police to invoke multiple provisions of the Bharatiya Nyaya Sanhita (BNS), 2023, including those relating to cheating, criminal breach of trust, criminal conspiracy and criminal intimidation, subject to the outcome of the investigation.

Among the key demands made to law enforcement were:

• Immediate registration of an FIR
• A forensic audit of the source, movement and destination of the funds
• Preservation of banking records, KYC documents and digital transaction logs
• Legal action to freeze and safeguard the funds pending investigation
• TMC Rejects Claims, Questions Arup Biswas’s Authority

The Trinamool Congress leadership has dismissed speculation surrounding the freezing of party funds and challenged the legitimacy of Arup Biswas’s intervention.

Party spokesperson Kunal Ghosh said Arup Biswas was no longer the party’s treasurer. According to Ghosh, the TMC Working Committee unanimously decided on June 5 to appoint Subhasish Chakraborty as treasurer.

“Arup Biswas was once the treasurer, but he no longer holds that position. Since June 5, Subhasish Chakraborty has been entrusted with that responsibility," Ghosh said, adding that the clarification was necessary to prevent confusion regarding the status of the disputed communication.

Political Stakes Rise

The battle over the party’s reported ₹534-crore fund has rapidly emerged as one of the most significant flashpoints in West Bengal politics. The confrontation now involves competing claims over organisational authority, control of financial assets and allegations of financial wrongdoing.

With account-freezing measures reportedly underway and rival factions pursuing parallel legal and administrative strategies, the dispute is expected to intensify further in the coming days.

About the Author

Kamalika Sengupta

Kamalika Sengupta is the Editor (East) at CNN-News18 / News18.com, focusing on politics, defence, and women’s issues. She is a seasoned multimedia journalist with over 20 years of experience reporting...Read More

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