The Enforcement Directorate on Thursday conducted searches in Rajasthan and Gujarat as part of a money laundering investigation into an alleged Rs 2,700 crore fraud with investors, official sources said.

The case filed under the Prevention of Money Laundering Act (PMLA) stems from a Rajasthan Police FIR against a company called Nexa Evergreen.

The company is alleged to have duped investors to the tune of Rs 2,700 crore by promising higher returns and plots of land in Dholera city of Gujarat, the sources said.

About two dozen locations in Sikar, Jaipur, Jodhpur and Jhunjhunu in Rajasthan and Ahmedabad in Gujarat are being searched as part of this probe, they said.