ED probes Shekhar Suman associate over foreign assets
ED is investigating Dharmesh Sangani’s links to actor Shekhar Suman’s film academy as part of its foreign assets probe.
- ED searched Kalanee Impex and related premises on July 9 under FEMA.
- The probe concerns Dharmesh Sangani, active director of the company.
- Officials say export proceeds from overseas buyers were not realised in India.
- No extension of time was reportedly taken from the authorised dealer bank.
- The ED says there were no documented recovery efforts.
- Undisclosed foreign assets were allegedly found in Canada, the US and UAE.
- Investigators reportedly found Sangani’s shareholding in an undisclosed Canadian company.
- The agency is also checking links to the Shekhar Suman Film Academy.
- Customs authorities in the US and UK are reportedly reviewing some transactions.
The Enforcement Directorate has widened its probe in Mumbai, searching premises linked to Kalanee Impex and its active director Dharmesh Sangani over alleged undisclosed foreign assets, suspicious cross-border transactions and possible violations of foreign exchange rules. According to officials, the case has also drawn attention because Sangani is said to be closely associated with actor and television host Shekhar Suman, and investigators are now examining whether that connection extends to a film academy linked to Suman’s name.
The searches, carried out on Thursday, July 9, were conducted under the Foreign Exchange Management Act and focused on Kalanee Impex Private Limited and Sangani’s business dealings. Officials said the agency found signs that export money that should have come into India had remained unpaid for a substantial period. They also said there was no extension sought from the authorised bank and no documented effort to recover the dues, which has strengthened suspicion around the firm’s foreign transactions.
What has made the case more significant is the alleged trail of overseas assets. The ED said it found evidence suggesting undisclosed foreign bank accounts and holdings in Canada, the United States and the United Arab Emirates. In one instance, investigators reportedly found that Sangani had a substantial shareholding in an undisclosed Canadian company. The agency also said a related foreign business entity in the UAE had not been disclosed to the appropriate authorities.
Officials are additionally looking into Sangani’s reported role in the Shekhar Suman Film Academy, with questions now being raised about whether he may have served as co-founder of the institute. That part of the inquiry appears to be aimed at understanding the full extent of his business and personal network, and whether any of those links were used to route or conceal money abroad. Customs authorities in the US and the UK are also said to be examining some of the transactions connected to him.
At the heart of the matter is a familiar but serious concern: when money earned through trade or business does not return to India, the system loses transparency, tax authorities lose visibility and regulators begin to suspect deeper concealment.