Both Congress and BJP governments have been deliberately apathetic to recovery of black money stashed in "Germany and other countries", Mr Jethmalani said.
"They have committed a joint crime of cheating people. Therefore, a third front of honest leaders is needed," the former Union Law Minister said.
"I want Mamata Banerjee to lead the third front to oust prime minister Narendra Modi in the next general elections. Mamata has the ability to be the prime minister," said Mr Jethmalani, a one-time PM Modi supporter who later became the prime minister's bitter critic.
The senior lawyer also criticised Finance Minister Arun Jaitley and the NDA government over their policy on black money. The NDA government has no right to stay in power, he said.