ED initiates FEMA investigation against Mumbai-based film producer linked to Shekhar Suman

MUMBAI: The ED on Friday initiated a probe under the Foreign Exchange Management Act (FEMA) against a Mumbai-based film producer linked to actor Shekhar Suman over alleged violations involving undisclosed overseas assets and foreign exchange transactions.As part of the investigation, the agency carried out searches on Thursday at premises linked to Kalanee Impex Ltd. and its directors — Dharmesh Sangani, his wife Ranjeeta Sangani, and Narendra Sangani. Dharmesh Sangani is a co-founder of a film academy promoted by Shekhar Suman.Officials said the investigation is currently focused only on the Sanganis and their company."During the course of search, evidences relating to undisclosed foreign companies and foreign bank accounts of Dharmesh Sangani were found.

These companies and accounts have not been disclosed in the Income Tax Returns."The source of funds, ownership structure and other aspects of these foreign entities and bank accounts are being examined," the ED said in a statement.Neither Sangani nor Kalanee Impex could be reached for comment. A query sent to the film academy also remained unanswered.The ED alleged that during the searches, Dharmesh Sangani threw his mobile phone from the 13th floor of a building in an attempt to destroy evidence.

Investigators later recovered the phone, following which the agency lodged a complaint with Mumbai Police alleging destruction of evidence.According to the ED, Kalanee Impex failed to realise export proceeds worth crores of rupees within the time limit prescribed under the Foreign Exchange Management (Export of Goods and Services) Regulations, 2015, and the Reserve Bank of India's Master Direction on Export of Goods and Services.The agency further alleged that the company "did not" apply to the authorised dealer banks or the RBI for an extension to realise the export proceeds, as required under the applicable legal framework.The ED also said the Customs department had listed the company among "defaulting" exporters through a public notice issued in May 2026.During the searches, officials recovered documents relating to the seizure of jewellery worth about USD 3 million by the US Customs and Border Protection in June 2025.

The seizure was linked to an alleged case involving "smuggled" merchandise and suspected counterfeit trademark goods."The linkage between the seized consignment and exports from India by the company is being examined," the agency said.The agency also claimed that Dharmesh Sangani was intercepted at Heathrow Airport in London in September 2016, where authorities seized 7.41 kg of "under-declared" gold jewellery from him.The ED said it is examining the documents and electronic devices seized during the searches to determine the extent of the alleged FEMA violations, trace overseas assets, establish the money trail and identify the role of all those involved.