ED raids Mumbai-linked Kalanee Impex premises in FEMA probe of foreign assets

The ED is investigating a Mumbai film producer for alleged FEMA violations. Searches uncovered undisclosed foreign companies and bank accounts belonging to Dharmesh Sangani. Kalanee Impex also failed to realize export proceeds within the prescribed time. Documents revealed jewelry worth USD 3 million seized by US Customs. Gold jewelry was also seized from Sangani at Heathrow Airport.

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. Mumbai: BEST Bus Rams Multiple Vehicles In Andheri West After 'Brake Failure', Several Injured - VIDEOThe 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.

The Enforcement Directorate searched Kalanee Impex premises on Thursday. These searches are linked to undisclosed foreign assets and suspicious cross-border transactions. Dharmesh Sangani, an associate of actor Shekhar Suman, is under investigation. He allegedly operated undeclared foreign bank accounts in Canada and the UAE. Evidence of undeclared foreign shareholding was also discovered during the proceedings.

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 conductedSangani 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 assetsThe 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 identifiedAccording 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.Shekhar Suman's Mumbai Penthouse Is No Less Than A 5-Star Hotel With Sea-Facing View, Private Gym & Parisian Aesthetic 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.