New Delhi: The Enforcement Directorate on Thursday said it has seized around Rs 3 crore in cash after searches against a Kolkata-based co-operative society and Sahara Group as part of a money laundering probe related to alleged defrauding of investors' funds worth Rs 24,000. Ten million.

The federal agency said in a statement that the raids were conducted against Hamra India Credit Cooperative Society Ltd in Kolkata, Lucknow and Mumbai. It was not told when this search was conducted.

During the operation, Rs 2.98 crore in cash along with “proceeds of crime” along with “incriminating” documents including account books, digital devices of Hamara India and other Sahara Group entities were seized.

The money laundering investigation has been initiated by FIRs lodged by Odisha, Bihar and Rajasthan police against Hamara India Credit Cooperative Society, Sahara India group of companies and related persons.

The society collected over Rs 24,000 crore from over one crore investors and depositors by promising them high returns.

"Subsequently, the society failed to return the maturity amount even after the due date," the ED alleged.

The funds generated by the society were "transferred" to several Sahara Group entities including Aamby Valley City Limited.

It said the proceeds of crime are being traced.