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 undeclared foreign assets, foreign bank accounts and export proceeds violations, officials familiar with the probe said.
Sanjani is also a film producer associated with actor and TV host Shekhar Suman and is the co-founder of Shekhar Suman Film Academy.
Officials said the searches were conducted “in connection with an investigation relating to Kalani Impex Private Limited and its director Dharmesh Narendra Sanghani”.
“During the search proceedings, it was revealed that the money that was supposed to be received in India did not reach India despite the passage of a long time. Export proceeds were not realized from some foreign buyers and no extension of time was obtained from the authorized merchant bank. There were no documented recovery efforts,” said an executive management official.
According to a second official, the investigation also revealed that the export proceeds were received from offshore entities other than the consignee or buyer named on the export invoices or shipping invoices.
The agency also claimed to have found evidence of undeclared foreign assets and foreign bank accounts during the searches.
“For example, a significant stake in Dharmesh Sangani’s company was found to be in an undisclosed Canadian company. The associated foreign bank account and related transactions were also not disclosed to the relevant authorities. In another case, an undisclosed UAE business entity was identified,” the second officer said.
The ED has identified so far undisclosed foreign bank accounts in Canada, the United States and the United Arab Emirates, officials said.
According to the agency, Sanghani allegedly tried to destroy digital evidence when emergency department officials arrived to conduct searches.
“On Thursday, when the ED went for the raid, Sanghani tried to destroy digital evidence by throwing his mobile phone from the 13th floor of the building, for which the ED lodged a complaint with Mumbai Police,” the senior officer said.
“The mobile phone was later recovered by ED officers and seized,” the officer added.
Sanjani is also under investigation by U.S. Customs authorities in connection with certain transactions, officials said.
“Earlier in September 2016, BSF officers seized approximately 7.4 kg of gold jewelery brought into the UK by Dharmesh Sanghani since the same was not made public. Further investigations are underway,” the second officer said.
