The Directorate of Enforcement (ED) has seized assets worth about ₹9.70 crore after conducting search operations at 40 locations across several states on December 11 in connection with a money laundering probe linked to a highly radicalised ISIS module, officials said.

The searches were carried out by the ED’s Mumbai Zonal Office under the Prevention of Money Laundering Act (PMLA), 2002, covering locations in the Padgha–Borivali region near Mumbai, Delhi, Kolkata, Hazaribagh, Prayagraj, Daman and Ratnagiri. The action forms part of an ongoing investigation against Saquib Nachan and other accused allegedly associated with the ISIS-linked terror network.

During the searches, the agency recovered and seized movable assets amounting to approximately ₹9.70 crore, including about ₹3.70 crore in cash and gold jewellery and bullion valued at nearly ₹6 crore. The ED also froze 25 bank accounts belonging to the accused and suspects linked to the case.

Officials said the searches led to the seizure of several incriminating documents, literature promoting radicalisation, digital devices and records related to immovable properties owned by the accused and other suspected persons.

The ED initiated the money laundering investigation based on FIRs and charge sheets filed by the National Investigation Agency (NIA) in case RC-29/2023/NIA/DLI under various sections of the IPC, the Unlawful Activities (Prevention) Act and the Explosive Substances Act. The probe revealed that the accused were allegedly involved in recruitment, training, procurement of weapons and explosives, and raising funds to sustain terror activities linked to ISIS.

According to officials, intelligence inputs from the ATS, Mumbai, indicated that members of the module were also involved in illegal revenue-generating activities, including the clandestine cutting, smuggling and sale of Khair (Kaith) wood, with the proceeds suspected to have been diverted to fund extremist activities.

Financial analysis conducted by the ED revealed monetary linkages between the accused and several suspects through bank transactions, while details related to hawala operations also surfaced during the investigation. Considering the seriousness of the offence and the threat to national security, the agency searched premises belonging to the accused, their close associates, family members and entities with suspicious financial links.

The ED also carried out searches at companies and entities engaged in Kattha production that were allegedly procuring Kaith wood from the suspects. During the operations, suspected illegally sourced Kaith wood was found, following which the jurisdictional Forest Department was informed for further action. Further investigation is underway.