ED raids Kalanee Impex over alleged FEMA violations involving overseas assets and transactions.
The Agency identified foreign bank accounts across three countries during the Dharmesh Sangani investigation.
ED alleges export proceeds irregularities while investigation against producer Dharmesh Sangani continues.
The Enforcement Directorate (ED) has launched a FEMA investigation against Mumbai-based Kalanee Impex Pvt Ltd and its director, businessman and film producer Dharmesh Sangani. During searches, the agency claimed to have found evidence of undisclosed foreign assets, overseas bank accounts and alleged irregularities in export proceeds. Sangani is also known for his association with actor Shekhar Suman and is a co-founder of the Shekhar Suman Film Academy.
ED alleges undisclosed foreign assets and export irregularities
According to the Enforcement Directorate, searches revealed that export proceeds due to be received in India had not been realised despite the passage of substantial time. It was further alleged by officials that no extension had been sought from the authorised dealer bank and that documented recovery efforts were absent. The agency also claimed that payments had been received from third-party entities instead of the buyers named in export documents.
The ED said it identified undisclosed foreign bank accounts in Canada, the United States and the United Arab Emirates. It also alleged that Sangani held a substantial stake in an undisclosed Canadian company and had links to an undisclosed business entity in the UAE.
Who is Dharmesh Sangani?
Dharmesh Sangani is an entrepreneur-turned-film producer and one of the directors of Mumbai-based Kalanee Impex Pvt Ltd. He is also associated with GBM Studios and is listed as the founder of the Shekhar Suman Film Academy. According to the ED, Sangani allegedly attempted to destroy digital evidence by throwing his mobile phone from the 13th floor during the search operation. The agency said the device was later recovered and seized.
The ED also stated that customs authorities in the United States and the United Kingdom are examining certain transactions linked to Sangani, while referring to a 2016 UK Border Force case involving the seizure of approximately 7.4 kg of allegedly under-declared gold jewellery. The investigation is ongoing and the allegations have not been adjudicated in court.
