Reports said some 28 locations are being raided by the CBI, including of a former Congress minister.
The scam, in which the ruling Trinamool Congress has been tainted in West Bengal, has affected thousands of investors in especially rural belts of Bengal.
The CBI has registered 46 cases, including three in West Bengal and 43 in Orissa, against the group of companies and its managing directors and others in the Saradha chit fund scam on the direction of Supreme Court.
Sudipta Sen, the Chairman and Managing Director of Saradha Group, which allegedly defrauded thousands of small investors, is now in jail.
Media personality and TMC Rajya Sabha MP Kunal Ghosh is also in jail in the scam.
Sen had alleged that he was blackmailed and used by politicians mainly from Mamata Banerjee's TMC.
Sen and Saradha Group director Debjani Mukherjee were arrested in April 2013 from Jammu and Kashmir. He was absconding since Saradha Group collapsed.
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