A helicopter that once transported senior members of the British Royal Family and successive UK Prime Ministers is now at the centre of an Indian financial investigation that includes an alleged Cayman Islands financing arrangement.

The aircraft, now registered in India as VT-GIM, previously spent almost a decade serving with No. 32 (The Royal) Squadron at RAF Northolt under lease from UK operator Sloane Helicopters.

Indian investigators are examining the helicopter's acquisition as part of a wider Enforcement Directorate (ED) money laundering investigation involving aviation operator Carewell Aviation and bank accounts linked to India's ruling Trinamool Congress (TMC) in the state of West Bengal.

The investigation remains ongoing. West Bengal Chief Minister Mamata Banerjee, Trinamool Congress MP Abhishek Banerjee and the other individuals connected with the investigation have not been charged with any criminal offence arising from the allegations discussed in this article, and no court has made findings that the allegations have been proven. The Trinamool Congress has denied wrongdoing and challenged aspects of the ED's investigation.

From RAF Northolt to India

The Leonardo AW109SP helicopter has an unusually distinguished operational history.

Manufactured by Leonardo in Italy, it entered UK service in 2015 after being acquired by Sloane Helicopters. Registered initially as G-ZIOO, it subsequently carried the distinctive military-style registration GZ100 while operating with No. 32 (The Royal) Squadron, the Ministry of Defence unit responsible for providing air transport for members of the Royal Family, the Prime Minister, Cabinet ministers and other senior government figures. The registration itself reflected the squadron's heritage, with "GZ" recalling the unit's Second World War Hawker Hurricane code at RAF Biggin Hill and "100" marking the squadron's approaching centenary.

Far from being an ordinary corporate helicopter, GZ100 became one of the United Kingdom's known VIP helicopters, regularly undertaking Royal and government transport duties. Public flight records, official engagement schedules, parliamentary records, media coverage and aircraft photography show it being used extensively for official transport, including flights associated with King Charles III (then The Prince of Wales), members of the Royal Family, and Prime Ministers Boris Johnson, Liz Truss and Rishi Sunak.

Following the expiry of its government lease, the helicopter returned to Sloane Helicopters before being exported to India in 2025, where it was re-registered as VT-GIM and entered service with Carewell Aviation.

There is no suggestion that the helicopter's previous service with the UK Government has any connection with the later Indian investigation. Its Royal and ministerial service is relevant only because it illustrates the remarkable provenance of an aircraft that has since become part of an unrelated financial investigation.

The Indian investigation

The ED alleges that substantial sums were transferred from bank accounts linked to the Trinamool Congress to Carewell Aviation and associated companies, and that aircraft acquired by the company were subsequently leased back for party use. As part of that investigation, the agency has carried out searches and obtained court orders freezing certain bank accounts while enquiries continue.

The Trinamool Congress disputes those allegations and has challenged aspects of the ED's actions before the courts.

The Cayman Islands connection

The Cayman Islands enters the story through an allegation made by India's Enforcement Directorate.

According to public statements attributed to the ED, approximately US $1.7 million used towards acquiring the AW109SP helicopter was provided by a Cayman Islands-based entity in the form of an unsecured loan.

At the time of publication, however, the ED has not publicly identified the Cayman company, released the underlying loan agreement or disclosed the ownership of the alleged lender.

The existence of a Cayman-incorporated company within an aircraft ownership or financing structure is not, in itself, unusual. The Cayman Islands is one of the world's leading jurisdictions for aircraft ownership and finance, with many commercial aircraft and helicopters held through Cayman special purpose vehicles because of the jurisdiction's established legal framework, sophisticated financial services sector and internationally recognised aircraft registry.

What distinguishes this case is not the alleged Cayman connection itself, but the nature of the financing described by investigators.

Why an unsecured aircraft loan is unusual

Aircraft finance is normally secured against the aircraft being purchased, typically through a registered mortgage, security over the airframe and engines, or a finance lease under which ownership remains with the lessor until repayment obligations have been met. Such arrangements give lenders clear legal recourse should a borrower default.

An unsecured loan, by contrast, provides no direct security over the aircraft unless separate contractual protections exist.

While unsecured shareholder loans or related-party financing do occur in corporate structures, aviation finance specialists generally regard unsecured lending for the acquisition of a multi-million-dollar helicopter as considerably less common than secured lending. The ED has not publicly explained why the alleged Cayman loan was unsecured or whether any alternative security arrangements existed.

What remains unknown

Several important questions remain unanswered.

The ED has publicly referred to a Cayman Islands-based lender but has not identified the company, disclosed its ownership, explained the commercial terms of the alleged loan or clarified the relationship, if any, between the lender and the parties involved in the transaction.

Those details may emerge if further court documents or investigative filings become public.

The unanswered Cayman question

For a jurisdiction that has built an international reputation in aircraft finance, the Cayman aspect of this case may ultimately prove to be one of its most significant features.

If a Cayman company did provide an unsecured US $1.7 million loan, as alleged by India's Enforcement Directorate, the identity of that lender and the commercial rationale for the financing are likely to become matters of considerable interest - not only in India, but also within the Cayman Islands.

Those questions cannot presently be answered because the lender has not been publicly identified. Whether that information emerges through court proceedings, regulatory cooperation or future disclosures may determine whether Cayman is simply the domicile of a routine aircraft financing vehicle, or whether its role attracts closer scrutiny.

Until then, the Cayman connection remains a matter of legitimate public interest rather than established fact. The Trinamool Congress continues to deny wrongdoing, and the investigation remains ongoing.