Officials in the central probe agency said the searches are being carried out at 12 locations in Srinagar, Baramulla and Handwara.
They said those being searched today have alleged links to persons being investigated in this case.
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The money was being raised to fund separatist and terror activities in Jammu and Kashmir, the NIA had alleged.
The agency had claiming that the accused were waging war against the country and were involved in various offences punishable under the Unlawful Activities (Prevention) Act.
It had also alleged that the accused were involved in creating unrest by way of anti-India demonstrations and bandhs.
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