ED initiates FEMA investigation against Mumbai-based film producer

New Delhi/Mumbai, Jul 10 (PTI) The Enforcement Directorate (ED) on Friday said it has initiated a FEMA investigation and conducted searches against a Mumbai-based film producer, linked to actor Shekhar Suman, and his company on charges of holding undisclosed foreign assets and other alleged irregularities. The central agency searched Kalanee Impex Ltd., its directors Dharmesh Sangani, his wife Ranjeeta Sangani and Narendra Sangani on Thursday in Mumbai under the Foreign Exchange Management Act (FEMA). Sangani co-founded a film academy promoted by Suman. Officials said the current investigation is limited to the roles of the Sanganis and their firm. "During the course of search, evidences relating to undisclosed foreign companies and foreign bank accounts of Dharmesh Sangani were found. These companies and accounts have not been disclosed in the Income Tax Returns. "The source of funds, ownership structure and other aspects of these foreign entities and bank accounts are being examined," the ED said in a statement. Sangani or his company could not be contacted. A query sent to the film academy did not elicit a response. Separately, ED officials alleged Sangani threw his mobile phone from the 13th floor of a building during the search, which the sleuths later retrieved. The ED has filed a complaint with the Mumbai Police regarding this incident, charging destruction of evidence, the officials said. The ED alleged that the company's export proceeds, running into crores of rupees were "not realised" despite substantial lapse of time permitted under the Foreign Exchange Management (Export of Goods and Services) Regulations, 2015 and the Reserve Bank of India Master Direction on Export of Goods and Services. It said the company "did not" seek an extension of time for realising export proceeds from the authorised dealer banks or the RBI, as mandated under the applicable legal framework. The company was also identified by the Customs department among "defaulting" exporters via a public notice issued in May 2026, the ED said. The searches led the ED to documents relating to the seizure of about USD 3 million worth of jewellery by US Customs and Border Protection in June 2025, connected to an instance of "smuggled" merchandise and suspected counterfeit trademark goods. "The linkage between the seized consignment and exports from India by the company is being examined," the agency said. The ED further claimed that Sangani was intercepted at Heathrow Airport in London in September 2016 and 7.41 kg of "under-declared" gold jewellery was seized from him. The documents and digital devices seized during the searches are being examined to ascertain the complete extent of the contraventions, identify overseas assets, establish the money trail and determine the role of all persons involved, according to the ED. PTI NES ZMN