New Delhi, Sep 14 : The Enforcement Directorate (ED) on Thursday said that they recently conducted searches at various premises in Mumbai in connection with a money laundering probe against Max Flex Imaging and System. Ltd., managed and controlled by Hitesh R. Jobalia and Nimesh N. Shah. The ED stated that this action resulted in the seizure of stocks of Flex, Vinyl, and other items worth Rs 12 crore, Fixed Deposit Receipts (FDRs) amounting to Rs 1.25 crore, Demat accounts with a balance of Rs 6.30 crore, foreign currency, cash, gold jewellery and silver bars totaling Rs 20.11 crore. The ED initiated a PMLA (Prevention of Money Laundering Act) investigation based on an FIR registered by the BS & FB CBI, Mumbai, under various sections of the IPC (Indian Penal Code) and the PC Act, alleging a wrongful loss of Rs 464.41 crore to a Consortium group of SBI (the lead bank) and eight other consortium member banks. The ED's investigation revealed that Max Flex & Imaging Systems Ltd. and other accused persons entered into a criminal conspiracy to cheat the Consortium group of State Bank of India and eight members by fraudulently obtaining loans by submitting inflated stock statements and balance sheets of the said company. "The promoters of the company diverted and utilized the funds received from banks to purchase various properties and diverted the same to various firms/companies incorporated in the names of the employees, former employees, relatives of the said company, and its directors," the official said. /IANS