New Delhi, June 23 -- The Enforcement Directorate (ED) on Tuesday carried out searches at nine locations in Bengaluru and Mumbai in connection with an ongoing investigation into alleged financial irregularities linked to Rajesh Exports Ltd (REL), officials said.

The searches, which began in the morning, are based on findings pointing to multiple transactions involving REL shares routed through alleged "benamidars", raising concerns over the use of proxy entities to conceal actual ownership, sources said.

Officials indicated that over US$20 million may have been siphoned out of the country through such transactions, suggesting possible violations of foreign exchange and anti-money laundering laws.

During the searches, the agency also fo...