Mumbai Income Tax Department carried out simultaneous searches at 12 locations on Monday.
The premises were linked to Panorama Studios and film producers Kumar Mangat Pathak and Vashu Bhagnani.
The probe centres on suspected tax evasion and alleged overseas routing of funds.
Tax Searches At 12 Places Linked To Rakul Preet Singh, Vashu Bhagnani And Panorama Studios - Reports
Officials are reviewing documents and transactions to check possible breaches of tax law and concealed income.
Summary
On Monday (September 28), several reports claimed that the Mumbai Income Tax Department searched 12 premises linked to actor Rakul Preet Singh, her father-in-law, producer Vashu Bhagnani owns Pooja Entertainment, and Kumar Mangat Pathak's Panorama Studios. The action forms part of a probe into suspected tax evasion and alleged routing of funds overseas.
Tax probe targets film producers, Panorama links
Multiple Income Tax Department teams in Mumbai searched offices and other premises at the same time. The operation is understood to be aimed at suspected financial irregularities and possible breaches of tax law.
Suspected fund transfers
Investigators had received information suggesting that large sums were allegedly sent abroad under the guise of film production, shooting costs and overseas distribution, according to sources, reported Free Press Journal.
Officials are examining the transactions tied to the suspected transfers to see if funds were sent abroad in violation of tax rules and whether income was hidden to evade tax.
The searches involving Panorama Studios-linked entities and the two producers come amid an investigation into alleged large-scale financial irregularities.
More details on the IT raid are likely to surface as the searches go on and officials review the papers and records seized in the operation.
(More details awaited)
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