MUMBAI, July 12 -- The Enforcement Directorate (ED) has seized property-related documents worth Rs.200 crore and unaccounted cash of Rs.8 lakh after conducting searches at 15 locations across Mumbai and other cities in connection with a Rs.386.35 crore money laundering probe involving Talwalkars Better Value Fitness Limited (TBVFL), a prominent gym and wellness chain, and its promoters. The central agency launched coordinated search operations on Wednesday across Mumbai, Pune, Goa and Chennai, under the Prevention of Money Laundering Act (PMLA). The searches were part of an ongoing probe into allegations that TBVFL defrauded Axis Bank and Laxmi Vilas Bank by misusing loans and manipulating financial records. According to ED officials, the funds sanctioned as term loans and through Non-Convertible Debentures (NCDs) were allegedly diverted to shell companies under the guise of vendor payments, and then routed back to entities linked to the promoters. TBVFL reportedly defaulted on repayments of Rs.206.35 crore to Axis Bank and Rs.180 crore to Laxmi Vilas Bank. During the raids, investigators recovered several incriminating documents and digital devices. These include evidence of overseas investments and details of immovable properties such as flats, villas, bungalows and commercial spaces located in Mumbai, Nagpur and Goa, allegedly acquired using diverted bank funds. The ED stated that the promoters and directors also allegedly paid inflated royalty fees and share subscription premiums as a method to siphon funds. The agency's probe is based on multiple FIRs lodged against TBVFL and its key officials under various sections of the Indian Penal Code. Despite attempts, HT could not reach any officials from TBVFL for a comment. Talwalkars, once considered a pioneer in the Indian fitness industry, operates a network of gyms, studios, and spas across several cities. The company's financial downfall and mounting defaults have attracted regulatory scrutiny over the years....