ED Searches Co-Founder Of Shekhar Suman Film Academy In FEMA Probe

The Enforcement Directorate (ED) on Thursday conducted searches at premises linked to Mumbai-based Kalanee Impex Pvt Ltd and its director, Dharmesh Narendra Sangani, under the provisions of the Foreign Exchange Management Act (FEMA), officials said.

Sangani is a film producer and co-founder of the Shekhar Suman Film Academy. He is also the producer of Shekhar Tonite with Shekhar Suman, which premiered on Shekhar Suman's official YouTube channel in May this year. On Shekhar Suman Film Academy website, Dharmesh Sangani profile says,"Dhamesh Sangani is an entrepreneur turned film producer whose vision, passion, and belief in creative education led to the inception of the Shekhar Suman Film Academy. With a strong entrepreneurial background and a deep-rooted love for cinema, he brings together strategic thinking and creative sensibility to build an institution dedicated to nurturing genuine talent."

The searches were conducted in connection with an alleged foreign exchange violation case. According to the ED, investigators recovered evidence of undisclosed foreign assets, overseas bank accounts and suspicious cross-border transactions. Officials said undisclosed bank accounts in Canada, the United States and the United Arab Emirates, along with related transactions allegedly not disclosed to the authorities, were identified during the searches.

The Officials alleged that Sangani attempted to throw his mobile phone from the 13th floor of his building on SV Road, Malad (W) during the searches. The device was later retrieved by ED officers, following which the agency lodged a complaint with the Mumbai Police alleging destruction of evidence.

The searches were carried out as a part of an investigation into the company's overseas business dealings. According to the ED, the probe found that export proceeds due from certain overseas buyers had not been repatriated to India despite the lapse of a substantial period. The agency alleged that no extension of time for realisation of export proceeds had been obtained from the authorised dealer bank and that there were no documented efforts to recover the dues.

The ED further alleged that in some cases export proceeds were received from third-party entities instead of the consignee or buyer named in the export invoices and shipping bills, raising suspicion over the nature of the transactions.

The agency also said that customs authorities in the US and the United Kingdom are separately examining certain transactions involving Sangani, while the ED is investigating possible FEMA violations arising from those transactions.