The raids were related to a case wherein huge illegal foreign remittances have been made in lieu of the gold/diamond/precious stones smuggling, said officials on Monday. A Jaipur trader has emerged as the prime accused in a large-scale financial fraud case involving illegal fund transfers abroad. It is alleged that the accused conducted massive hawala transactions through benami companies. The Income Tax Department, Customs Department, and ED are currently examining seized documents, and further arrests are expected. The ED is conducting the operation under the Prevention of Money Laundering Act (PMLA), 2002. The case involves crores of rupees being transferred abroad through anonymous companies and hawala Transactions. The raids were conducted at sixteen locations across three states including JaIPur, Ajmer, Udaipur, Noida and Mumbai. The investigation into the case is still in its early stages and more arrests are likely to be made. The raiders have seized cash amounting to Rs 10 lakh, incriminating records and digital devices during raids.