New Delhi, June 23 -- The Enforcement Directorate (ED) on Tuesday carried out searches at nine premises linked to Rajesh Exports Ltd. (REL) in Bengaluru and Mumbai as part of an ongoing investigation, with officials examining suspected benami share transactions, discrepancies in gold inventory and questionable overseas transactions.

Search operations were still underway at the time of filing this report.

"Investigation conducted so far has revealed multiple transactions in the scrip of Rajesh Exports through benamidars. Preliminary findings indicate that over $20 million may have been siphoned out of the country through such transactions," an ED official said on condition of anonymity.

According to officials, search teams also detected...