ED Launches FEMA Probe Against Mumbai Film Producer Over Alleged Undisclosed Foreign Assets

The Enforcement Directorate (ED) has initiated an investigation under the Foreign Exchange Management Act (FEMA) against a Mumbai-based film producer and his company over allegations of holding undisclosed foreign assets, overseas bank accounts, and committing foreign exchange-related irregularities, officials said on Friday.

The agency conducted searches on Thursday at premises linked to Kalanee Impex Ltd. and its director, Dharmesh Sangani , as part of the ongoing probe. According to officials, investigators uncovered documents pointing to alleged violations involving overseas financial holdings and export transactions.

During the search operation, officials claimed Sangani allegedly attempted to throw his mobile phone from the 13th floor of a building in an apparent bid to destroy evidence. The device was later recovered by ED officers. The agency has since filed a complaint with the Mumbai Police , accusing him of attempting to destroy evidence during the investigation.

The ED further alleged that Kalanee Impex Ltd. failed to realise export proceeds from certain overseas buyers within the prescribed period and did not obtain the required extension from its authorised dealer bank, as mandated under FEMA regulations.

Investigators also claimed to have identified documents relating to undisclosed foreign assets and bank accounts , besides what they described as substantial shareholding held by Sangani in an undisclosed company based in Canada .

According to officials, the investigation has so far revealed the existence of alleged undisclosed bank accounts in Canada, the United States and the United Arab Emirates . These findings are being examined to determine whether they violate India's foreign exchange laws.

Officials further stated that Customs authorities in the United States and the United Kingdom are also investigating certain transactions allegedly linked to the accused, although no additional details were disclosed.

Attempts to contact Dharmesh Sangani or representatives of Kalanee Impex Ltd. for their response were unsuccessful. A reply from a film academy with which Sangani is associated was also awaited at the time of publication.

The investigation remains ongoing, and the allegations have not yet been tested in court.