The Enforcement Directorate (ED) on Thursday conducted searches under the Foreign Exchange Management Act (FEMA) against Kalanee Impex Pvt Ltd and its director, businessman Dharmesh Sangani, over allegations of undisclosed foreign assets, foreign bank accounts and violations relating to export proceeds, officials familiar with the investigation said.
Sangani is also a film producer associated with actor and television host Shekhar Suman and is the co-founder of the Shekhar Suman Film Academy.
Officials said the searches were carried out “in connection with an investigation relating to M/s Kalanee Impex Private Limited and its director Dharmesh Narendra Sangani.”
“During the course of search proceedings, it was revealed that money which ought to have been received in India has not come to India despite lapse of substantial time. Export proceeds from certain overseas buyers had not been realised and no extension of time had been obtained from the Authorised Dealer Bank. There were no documented recovery efforts,” an ED officer said.
According to a second official, the investigation also revealed that export proceeds had been received from third-party entities other than the consignee or buyer named in the export invoices or shipping bills.
The agency also claimed to have found evidence of undisclosed foreign assets and foreign bank accounts during the searches.
“For example, substantial shareholding of Dharmesh Sangani was found in an undisclosed Canadian company. Associated foreign bank account and related transactions were also not disclosed before appropriate authorities. In another instance, undisclosed UAE business entity has been identified,” the second officer said.
Officials said ED has so far identified undisclosed foreign bank accounts in Canada, the United States and the United Arab Emirates.
According to the agency, Sangani allegedly attempted to destroy digital evidence when ED officials arrived to conduct the searches.
“On Thursday, when ED went for the raid, Sangani tried to destroy the digital evidence by throwing his mobile from the 13th floor of a building, for which a complaint was given to Mumbai Police by ED,” the first officer said.
“The mobile was later retrieved by ED officers and seized,” the officer added.
Officials said Sangani is also reportedly under investigation by the US Customs authorities in connection with certain transactions.
“Earlier in September 2016, UK Border Force officers had seized approximately 7.4 kg of gold jewellery being brought into the UK by Dharmesh Sangani since the same was under-declared. Further investigation is underway,” the second officer said.
Disclaimer: We do not own any of the content, ideas, images, or text presented here. All rights belong to their respective owners. For more information and to view the original source, please visit the following link: