The Enforcement Directorate has initiated an investigation under the Foreign Exchange Management Act against Mumbai-based film producer and businessman Dharmesh Sangani and his company, Kalanee Impex Ltd., over allegations involving undisclosed foreign assets and suspected financial irregularities.
As part of the investigation, the agency conducted searches at multiple premises linked to Sangani and the company.
Kalanee Impex and Director Under Investigation
According to officials, the searches were carried out under FEMA provisions against:
- Kalanee Impex Ltd.
- Company director Dharmesh Sangani
- Premises and records connected with the alleged transactions
The investigation is focused on whether foreign assets, overseas investments or cross-border financial transactions were held or undertaken without proper disclosure or regulatory compliance.
Mobile Phone Allegedly Thrown From Building
During the search operation, ED officials alleged that Sangani attempted to throw his mobile phone from the 13th floor of a building.
The device was subsequently recovered and is expected to undergo forensic examination.
Investigators may analyse the phone for:
- Financial communications
- Overseas transaction records
- Digital documents
- Contact details
- Messaging data
- Information relating to foreign assets
The allegation regarding the phone remains part of the ongoing investigation.
Foreign Assets and Fund Movements Under Scanner
The Enforcement Directorate is examining whether the accused held undisclosed overseas assets or carried out unauthorised foreign exchange transactions.
The agency is scrutinising:
- Foreign asset declarations
- Corporate financial records
- Overseas bank accounts
- Cross-border fund transfers
- Beneficial ownership records
- Digital payment trails
- Company documentation
Investigators are seeking to establish the source, ownership and regulatory treatment of any overseas financial holdings connected with the case.
FEMA Compliance Being Examined
FEMA governs foreign exchange transactions, overseas investments, foreign assets and cross-border remittances involving Indian residents and companies.
The investigation is expected to examine whether:
- Overseas assets were properly declared
- Foreign exchange transactions followed prescribed routes
- Required regulatory filings were completed
- Beneficial ownership was correctly reported
- Funds moved through authorised banking channels
Any final action will depend on the evidence collected during the investigation.
Film Industry Association Clarified
Dharmesh Sangani is associated with the entertainment industry and is a co-founder of the Shekhar Suman Film Academy.
However, the ED’s action is directed against Sangani and Kalanee Impex Ltd.
No allegations have been made against actor and television host Shekhar Suman in connection with the investigation.
Digital and Documentary Evidence Under Review
Investigators are examining documents and electronic records seized during the searches.
The material may help determine:
- Whether foreign assets were concealed
- Whether overseas transactions were authorised
- Whether company records accurately reflected financial activity
- Whether additional individuals or entities were involved
- Whether any reporting obligations were breached
The agency may initiate further proceedings depending on the outcome of the forensic and financial analysis.
Why Foreign Asset Disclosure Matters
Undisclosed foreign assets can result in serious regulatory, tax and financial consequences.
Businesses and individuals with overseas holdings should maintain:
- Complete bank records
- Foreign investment documents
- Beneficial ownership details
- Remittance records
- FEMA filings
- Income-tax disclosures
- Supporting agreements and invoices
Cross-border transactions should be routed only through authorised channels and supported by proper documentation.
Conclusion
The ED’s FEMA investigation into Dharmesh Sangani and Kalanee Impex Ltd. is continuing as officials examine alleged foreign assets, overseas transactions, corporate records and digital evidence.
The allegations remain under investigation. Any determination of liability will depend on the evidence collected and the outcome of proceedings before the competent authorities.
Shunyatax Global Insight
Shunyatax Global says that overseas assets and cross-border transactions must be supported by complete FEMA documentation, banking records, tax disclosures and beneficial ownership evidence.
Individuals and companies with foreign investments should regularly reconcile overseas bank accounts, remittances, corporate holdings and statutory filings. A preventive FEMA review is significantly safer than responding to regulatory action after discrepancies are detected.