New Delhi, Mar 4 (IANS): The Enforcement Directorate (ED) has conducted searches on 15 premises in Kolkata, Siliguri, Howrah and Agra against two chit fund companies -- Pincon Group and Tower Infotech Ltd, an official said on Saturday.

Incriminating documents, digital evidence consisting of mobile phones and laptops and cash of Rs 1.27 crore in cash were seized during the raid, the probe agency said.

It lodged a money laundering case against Tower Infotech Ltd and Pincon Group on the basis of FIRs registered by the CBI and West Bengal Police for misappropriating Rs 156 crore and 638 crore respectively collected from its investors.

"The accused chit fund companies have collected money from the public by luring them with attractive schemes and offering very high rates of interest. These two companies have cheated the public by not returning the money," the official said.

The official said that searches were carried out at the residences of directors of Pincon Group and Tower Group which includes Manoranjan Roy, Hari Singh and beneficiaries Subharti Banerjee, Sanjay Basu, Mina Dey, Ramendu Chattopadhyay and beneficiaries of Eden Infraprojects Pvt Ltd, its directors- Indrajit De and Sachchidanand Rai, Indian Structural Engineering Company Pvt Ltd and Ashish Wheels Ltd.

Further investigation in the matter is on.