NEW DELHI, July 10 -- The Enforcement Directorate (ED) has conducted searches against Kalanee Impex Private Limited and its director, businessman and film producer Dharmesh Narendra Sangani, who is associated with actor Shekhar Suman and is the co-founder of the Shekhar Suman Film Academy, in a Foreign Exchange Management Act (FEMA) investigation into alleged violations involving export proceeds, undisclosed foreign assets and overseas bank accounts. The agency said its probe found that export earnings due to be brought back to India remained unrealised for a long period, while evidence also pointed to undisclosed overseas business interests and financial transactions.
The searches were carried out on July 9 under the provisions of FEMA, 1999, as part of an ongoing investigation into Kalanee Impex and Sangani.
According to the ED, export proceeds from certain overseas buyers were not realised despite the passage of considerable time. It said no extension for the prescribed period had been obtained from the authorised dealer bank and there was no documented effort to recover the pending payments from the buyers.
Investigators also found that, in several cases, export proceeds were received from third-party entities instead of the overseas buyers or consignees mentioned in the export invoices and shipping bills, raising further questions over the transactions.
During the searches, the agency claimed to have uncovered evidence of undisclosed foreign assets and bank accounts linked to Sangani. It said he held a substantial stake in an undisclosed Canadian company and that the associated foreign bank account and related transactions had not been disclosed to the competent authorities. The ED also identified an undisclosed business entity in the United Arab Emirates.
So far, the agency has traced undisclosed bank accounts in Canada, the United States and the UAE. It is examining whether these assets and transactions violated FEMA provisions.
The ED further alleged that Sangani attempted to destroy digital evidence when its officers arrived to conduct the searches by throwing his mobile phone from the 13th floor of a building. A complaint was lodged with the Mumbai Police, following which the device was retrieved and seized by ED officials.
Officials said customs authorities in the US are examining certain transactions linked to Sangani, while authorities in the UK are also looking into related dealings. They also referred to a 2016 case in which the UK Border Force allegedly seized around 7.4 kg of under-declared gold jewellery being brought into the country by Sangani.
The ED said it is investigating possible FEMA violations arising from these transactions. Further investigation in the case is underway.
Published by HT Digital Content Services with permission from Millennium Post.