The CBI on Wednesday carried out searches at 20 locations in Assam and West Bengal as part of its ongoing investigation into a chit fund case against Kolkata-based PAFL Industries Ltd.The searches were conducted at the residential premises of PAFL Group directors and its agents.Another Central Bureau of Investigation (CBI) team searched the firm's office.The company was alleged to be engaged in fund mobilisation through redeemable preference shares issued to around 1,400 persons, raising Rs.2.1 crore without complying with the provisions of the Companies Act, 1956.The CBI had filed a First Information Report (FIR) against the company's directors on charges of criminal breach of trust, cheating, criminal conspiracy and violation of the provisions of the act that banned prize chit money circulation scheme in November 2014 in pursuance of a Supreme Court order. The Supreme Court on May 9 ordered a CBI inquiry into the chit fund scams in West Bengal, Odisha and Assam in which various firms, including Saradha, allegedly duped investors of around Rs.10,000 crore.