The searches were carried out at Jain's residences and offices in Lucknow's Gomti Nagar, including his house and office in Vikram Khand, as well as at Hotel Regent, owned by Rajender Singh Bagga, who is also a partner in the Golden Blossom Resort. Raids were also conducted at Jain's locations in Meerut and Gautam Buddha Nagar (Noida).

The ED also visited the homes of Bagga and Saurabh Seth, both identified as associates of Jain. The agency is questioning them in connection with the case. Officials said several documents were seized during the raids and evidence of substantial transactions between Jain's bank accounts and those of Bagga was found. The nature and purpose of these transactions are under investigation.

Nikant Jain is accused of demanding a 5% commission from a solar plant company allegedly on the instructions of Abhishek Prakash, the then CEO of Invest UP. An FIR was registered against Jain and others on March 20, and he has been in jail since his arrest. Jain is also facing allegations of cheating and forgery in a loan scam worth ₹4 crore with Indian Bank.

A special investigation team (SIT), led by Barabanki additional superintendent of police (ASP) Vikas Chandra Tripathi, has filed a charge sheet in the case. The agency is further investigating Abhishek Prakash's assets.

During its probe, the agency reportedly discovered five more bank accounts linked to Jain and his family members, with transactions involving several high-profile individuals.

The ED had registered a money laundering case against Jain and is investigating his financial transactions. Despite getting bail in one case, Jain remains in jail due to another FIR.