The Enforcement Directorate (ED) has conducted searches under the Foreign Exchange Management Act (FEMA) against Kalanee Impex Pvt Ltd and its director, businessman Dharmesh Narendra Sangani, in connection with allegations of undisclosed foreign assets, foreign bank accounts and violations relating to export proceeds. The searches were carried out in Mumbai as part of an ongoing investigation into the company’s financial transactions and compliance with foreign exchange regulations.
Sangani is also a film producer associated with actor and television host Shekhar Suman and is a co-founder of the Shekhar Suman Film Academy. The investigation, however, relates to Kalanee Impex Pvt Ltd and its director.
Probe focuses on export proceeds and foreign assets
According to ED officials, the investigation found that export proceeds which were required to be received in India had allegedly not been repatriated despite the passage of considerable time. Officials also alleged that export proceeds had, in some instances, been received from third-party entities instead of the consignee or buyer named in export invoices or shipping bills.
The agency further claimed to have found evidence of undisclosed foreign assets and overseas bank accounts during the searches. Officials alleged that Sangani held a substantial shareholding in an undisclosed Canadian company, while associated foreign bank accounts and related transactions had not been disclosed before the appropriate authorities. The investigation also identified an undisclosed business entity in the United Arab Emirates and alleged undisclosed bank accounts in the United States.
Alleged attempt to destroy digital evidence
According to the ED, Sangani allegedly attempted to destroy digital evidence when officials arrived to conduct the searches. The agency claimed he threw his mobile phone from the 13th floor of a building during the search operation.
Officials said the phone was later recovered with assistance from Mumbai Police and seized as part of the investigation. The agency has not disclosed whether any data was recovered from the device.
Wider investigation continues
Officials also stated that Sangani is reportedly under investigation by the US Customs authorities in connection with certain transactions. They further referred to an earlier incident in September 2016 in which the UK Border Force allegedly seized approximately 7.4 kg of gold jewellery being brought into the United Kingdom by Sangani after it was found to be under-declared, adding that further investigation was underway.
The ED said the investigation into the alleged FEMA violations remains in progress. Authorities are examining financial records, overseas assets, banking transactions and other evidence to determine whether any provisions of foreign exchange law were violated. An email query sent to Kalanee Impex reportedly remained unanswered.
