Mumbai: 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 undisclosed foreign assets and other suspected financial irregularities. As part of the ongoing probe, the agency carried out search operations at multiple premises linked to the case.
According to officials, the searches were conducted against Kalanee Impex Ltd. and its director Dharmesh Sangani under the provisions of FEMA. The investigation is focused on alleged violations relating to foreign exchange regulations, including the suspected holding of undisclosed overseas assets.
During the search operation, ED officials alleged that Sangani attempted to throw his mobile phone from the 13th floor of a building. Investigators claimed the device was later recovered and is expected to be examined as part of the ongoing investigation.
Registration Begins for FutureCrime Summit 2026, India’s Largest Cybercrime Conference
Authorities are scrutinising financial records, corporate documents, foreign asset declarations and digital evidence to determine whether any provisions of FEMA or other applicable laws have been violated. The agency is also examining the movement of funds and the nature of overseas financial holdings linked to the accused.
Dharmesh Sangani is also associated with the film industry and is a co-founder of the Shekhar Suman Film Academy, along with actor and television host Shekhar Suman. However, the ED’s action is directed against Sangani and his company, and no allegations have been made against Shekhar Suman in connection with the investigation.
Investigators are analysing seized documents and electronic records to establish whether there were any undisclosed foreign assets, unauthorised overseas transactions or other financial irregularities falling within the scope of FEMA.
According to the Future Crime Research Foundation (FCRF), investigations involving foreign exchange violations generally require detailed forensic examination of cross-border transactions, beneficial ownership records, foreign asset disclosures and digital financial trails. Effective compliance with foreign exchange regulations and transparent reporting of overseas assets are critical to preventing financial misconduct.
The investigation remains ongoing. The Enforcement Directorate said further action, if required, will be based on evidence collected during the probe and the outcome of the examination of financial and digital records.
