Around two dozen angadia firms across Ahmedabad and Surat were raided by Gujarat crime investigation department (CID) on May 9.
A total of ₹12.50 crore in cash, 1 kg gold, foreign currency, computer and a laptop were seized and reported to Income Tax Department.
A total of 150 I-T officials reached angadia firms on CG road-based Iscon Arcade, Gold Souk Complex, and Super Mall in Ahmedabad.
Huge amount of cash was recovered from two prominent firms namely HN Angadia and PM Angadia in Ahmedabad.
Notably, two months ago, an investigation into fake accounts revealed an alleged money laundering linked to Dubai.
The angadia firms that were raided on May 9 are reported to have been involved in money laundering to Dubai. The investigation found two or three such accounts through which money was sent to Dubai. The people whose names the accounts were opened did not exist, but money was transacted in their names.
During the investigation, it was revealed that a scam of sending money from these fake accounts through angadia firms was underway.