The searches were conducted in residences of a Managing Director and Directors of a chit fund company having operations in the two states, official sources said.
Besides, the company's office was also searched in connection with the case, they said.
The firm has allegedly duped investors of crores of rupees on the pretext of giving good returns on their investment, the sources said.
The CBI has started a country-wide crackdown on fraudulent chit fund companies which are duping lakhs of gullible investors following a Supreme Court order in this regard, they said.