The Enforcement Directorate has launched a FEMA probe into a Mumbai-based film producer and his company, conducting searches on charges of holding undisclosed foreign assets and other alleged irregularities
The central agency conducted searches against Kalanee Impex Ltd. and its director Dharmesh Sangani on Thursday under the Foreign Exchange Management Act (FEMA), officials said Friday.
The officials alleged Sangani tried to throw his mobile phone from the 13th floor of a building during the search, which was later retrieved by the sleuths. The ED has filed a complaint against Sangani with the Mumbai Police on the charge of destruction of evidence.
Sangani or his company could not be contacted immediately. A response from a film academy he is linked to, is awaited.
It was found during the search that export proceeds from certain overseas buyers were not realised and no extension of time was obtained by the company from the authorised dealer bank, the officials alleged.
They said documents related to "undisclosed" foreign assets and bank accounts was also found during the searches against the company and Sangani, whom they identified as a film producer.
The agency also found "substantial" shareholding of Sangani in an "undisclosed" Canadian company. Officials said "undisclosed" foreign bank accounts in Canada, the US and the UAE have been identified in this case.
The officials claimed that the Customs authorities of the US and the UK were investigating certain transactions of the accused.
(With inputs from PTI)
