ED Raids Firm Linked To Shekhar Suman Film Academy Co-Founder Dharmesh Sangani In FEMA Probe

Mumbai: The Enforcement Directorate (ED) on Thursday conducted searches at premises linked to Kalanee Impex Private Limited and its director, Dharmesh Narendra Sangani, under the provisions of the Foreign Exchange Management Act (FEMA), according to officials.

The probe is over allegations of undisclosed foreign assets, foreign bank accounts and violations relating to export proceeds, Hindustan Times reported, quoting officials familiar with the investigation.

FEMA searches conducted

Sangani is a film producer and co-founder of the Shekhar Suman Film Academy. Neither the ED nor Sangani has issued an official statement on the searches.

“During the course of search proceedings, it was revealed that money which ought to have been received in India has not come to India despite the lapse of substantial time. Export proceeds from certain overseas buyers had not been realised, and no extension of time had been obtained from the Authorised Dealer Bank. There were no documented recovery efforts,” an ED officer was quoted as saying by the publication.

Undisclosed foreign assets

The central probe agency said it found evidence of undisclosed foreign assets and bank accounts. Officials reportedly claimed that Dharmesh Sangani held a substantial shareholding in an undisclosed Canadian company, which was allegedly not disclosed before the competent authorities. The agency also identified an undisclosed business entity in the UAE.

Foreign bank accounts identified

According to the probe agency, undisclosed foreign bank accounts in Canada and the United States have been identified. The ED further said that customs authorities in the US and the UK are investigating certain transactions involving Sangani, while the ED is examining possible FEMA violations linked to those transactions.

According to the agency, Sangani allegedly attempted to destroy digital evidence when ED officials arrived to conduct the searches. Sangani attempted to destroy digital evidence by throwing his mobile phone from the 13th floor of a building, following which a complaint was filed by the ED with Mumbai Police, Mint reported.