Enforcement Directorate (ED) officials conducted searches at multiple locations in Chennai on Monday, according to reports.
Sources said the raids were carried out at more than five places across the city. The searches are said to be based on a bank fraud complaint.
Information available so far indicates that a financier involved in buying and selling used cars is among those being searched. Officials were reported to be conducting checks at a residence linked to the financier.
The searches began early in the morning in areas including Ayanavaram and Thirumangalam. Further details are awaited as the operation continues.
