Money seized by police officials post the raid [Representational Image]Twitter/ANI

The Enforcement Directorate conducted simultaneous raids in 300 shell companies spanning 16 states in a move to catch money launderers on Saturday. The companies being targeted are the ones who have changed more than Rs 100 crore of black money into white money. 

The ED had investigated these companies previously and the raids are conducted in continuation of the crackdown on black money in the country. Prime Minister Narendra Modi's demonetisation move in November 2016 was the first large scale move to crackdown on black money. 

The investigation spans 16 states and 100 cities, including Delhi, Mumbai, Chennai, Chandigarh, Patna, Ranchi, Ahmedabad, Bengaluru.  

The police have recovered important documents during the investigations. They have found evidence of monetary transactions above Rs 100 crore. It was also found during the raids that political leaders and top businessmen could be involved in money laundering.