Israeli forces raided foreign exchange stores in several West Bank cities, including Ramallah and Nablus, on Tuesday, accusing their parent company of “connections with terrorist organizations,” according to an army closure notice.

“Israeli forces are taking action against Al-Khaleej Exchange Company due to its connections with terrorist organizations,” a leaflet left at the company’s Ramallah location read.

Several army vehicles were seen at the store’s entrance while soldiers came out carrying items covered by a cloth.

Two army vehicles escorted one of the store’s employees away from the premises.

A military official confirmed to The Times of Israel that the Israel Defense Forces and Israel Police had launched an operation across the West Bank aimed at seizing “terror funds.”

The owners of money exchange companies who Israel believes are funneling cash to terror groups will be detained, the official added.

In the northern West Bank city of Nablus, Israeli forces raided a second foreign exchange store belonging to the Al-Khaleej company, as well as a gold store.

Some Palestinian residents of Nablus were seen clashing with the army during the raid, throwing objects at troops.

The Ramallah-based ministry of health said one man was killed and eight other people were injured by Israeli forces’ live ammunition during a raid in Nablus on Tuesday.

The Palestinian Red Crescent said it treated 20 people for tear gas inhalation and three others who were injured by rubber bullets.

Video published by Quds News purported to show soldiers surrounding a foreign exchange office in the West Bank city of Tubas.

The Gaza-based Hamas terror group condemned the raids on foreign exchange shops.

“These assaults on economic institutions, accompanied by the looting of large sums of money and the confiscation of property, are an extension of the piracy policies adopted by the (Israeli) government,” the group said in a statement, adding that the targeted companies were “operating within the law.”

The Ramallah-based Palestinian Authority and the IDF did not respond to AFP requests for comment.