Kolkata, Dec 17 (IANS): After carrying out multiple search operations at several locations of foreign exchange dealers and agencies across the city last week, the Enforcement Directorate (ED) is expecting the volume of monthly transactions to go up to "a few hundred crore" from the eastern metropolis, an official said here on Monday.

The agency, last week, had seized foreign currency worth Rs 65 lakh, Indian currency of Rs 1.65 crore and incriminating hawala documents under the Foreign Exchange Management Act (FEMA) in search operations conducted here in a hawala case.

"The scrutiny of the seized papers and documents is yet to be completed. Investigations are on. Preliminary investigations suggest the volume of transactions could go up to a few hundred crore per month," an ED official said.

The central agency has been focusing its probe to find out whether this huge amount of money is being "misused" or used for any illegal activity, the official added.