On 11.09.2023 and 12.09.2023, the Directorate of Enforcement (ED) conducted searches at several locations in Mumbai in connection with a money laundering investigation against M/s Max Flex Imaging and System Ltd., which is managed and controlled by Hitesh R. Jobalia and Nimesh N. Shah. The aforementioned action resulted in the seizure of Flex, Vinyl, and other commodities worth Rs. 12 Crore, FDRs worth Rs. 1.25 Crore, Demat accounts with a value of Rs. 6.30 Crore, Foreign Currency, Cash, Gold Jewellery, and Silver bars of Rs. 20.11 Crore.
The ED launched an inquiry based on an FIR filed by the BS & FB CBI, Mumbai, alleging a wrongful loss of Rs. 464.41 crore to the Consortium group of SBI (lead bank) and eight other consortium member banks.
According to an ED investigation, M/s. Max Flex Imaging and System Ltd. and other accused persons engaged in a criminal conspiracy to defraud the Consortium group of State Bank of India (Lead Bank) and its eight members by fraudulently obtaining loans by submitting inflated stock statements/balance sheets of the said company.
The company’s promoters diverted and used bank monies to purchase various properties and diverted the cash to numerous firms/companies created in the name of the company’s employees/executives/relatives and directors. More research is being conducted.
