ED starts investigating producer Dharmesh Sangani; detects undisclosed foreign assets, cross-border transactions | Today’s news
The Enforcement Directorate (ED) conducted searches under the provisions of the Foreign Exchange Management Act, 1999 (FEMA) on July 9 in connection with an investigation involving Kalanee Impex Private Limited and its active director Dharmesh Narendra Sangani.
During the raids, the Enforcement Directorate secured evidence of undisclosed foreign assets, undisclosed foreign bank accounts and suspicious cross-border transactions.
Officials said undisclosed foreign bank accounts in Canada, the US and the United Arab Emirates had been identified.
Tracing proceedings revealed that “the money, which was supposed to be received in India, did not come to India despite a considerable lapse of time,” officials said.
“Export proceeds from certain overseas buyers have not been realized and no extension of time has been obtained from the Authorized Dealers Bank. No documented recovery efforts have been noted,” officials said.
The ED investigation further revealed the receipt of export proceeds from third parties other than the consignee or buyer mentioned on the export invoices/way bills.
“Evidence related to undisclosed foreign assets and foreign bank accounts were also found during the search proceedings,” they added, adding that Dharmesh Sangani’s substantial stake was found in an undisclosed Canadian company.
“For example, Mr. Dharmesh Sangani’s substantial shareholding was found in an undisclosed Canadian company. The associated foreign bank account and related transactions were not disclosed to the relevant authorities. In another case, an undisclosed UAE business entity was identified,” officials said.
Some of Dharmesh Sangani’s transactions are also being investigated by US and UK customs, officials said. “ED is also investigating FEMA violations in such transactions,” they said.
ED reveals alleged undisclosed foreign assets, overseas bank accounts in FEMA probe against Kalanee Impex director
During the search operation, officials alleged that Dharmesh Sangani tried to destroy digital evidence by throwing his mobile phone from the 13th floor of the building, after which the ED filed a complaint with the Mumbai police.
“The mobile was later recovered by ED officers and seized.
Earlier, in September 2016, the agency had said that the British Border Force had seized around 7.4 kg of gold jewelery brought into the UK by Dharmesh Sangani, alleging that the same had been under-declared.
Who is Dharmesh Narendra Sangani?
Dharmesh Narendra Sangani is an entrepreneur turned producer.
In 2015, he was appointed as a director of UK-based DHARMESH SANGANI LTD. dissolved in 2019.
Dharmesh Narendra Sangani is also one of the directors of KALANEE IMPEX PRIVATE LIMITED. It is a private company based in Mumbai established on 7th December 2011.
The company’s other directors are Rajeeta Dharmesh Sangani and Narendra Prabhudas Shangani, according to zaubacorp.
Sangani is also among the owners of GBM STUDIOS PRIVATE LIMITED, a production and training company in the film and television sector, according to reports.
He is listed as the founder and visionary of the Shekhar Suman Film Academy (SSFA), with GBM Studios as the umbrella brand, PTI reported.
According to Tracxn, the authorized share capital of GBM STUDIOS PRIVATE LIMITED ₹10 lakh and its paid up capital is ₹1 lakh. “The current board of directors of GBM STUDIOS PRIVATE LIMITED consists of Dharmesh Narendrakumar Sangani and Narendra Prabhudas Shangani,” he added.
