Co-Founder Of Shekhar Suman Film Academy Searched By ED

New Delhi: The Enforcement Directorate (ED) has conducted searches at premises linked to Kalanee Impex Private Limited and its director, Dharmesh Narendra Sangani, under the provisions of the Foreign Exchange Management Act (FEMA), officials said.Sangani is a film producer and co-founder of the Shekhar Suman Film Academy. The searches were carried out in connection with an alleged foreign exchange violation case. Neither the ED nor Sangani has issued an official statement on the searches.On Shekhar Suman Film Academy website, Dharmesh Sangani profile says,"Dhamesh Sangani is an entrepreneur turned film producer whose vision, passion, and belief in creative education led to the inception of the Shekhar Suman Film Academy. With a strong entrepreneurial

background and a deep-rooted love for cinema, he brings together strategic thinking and creative sensibility to build an institution dedicated to nurturing genuine talent."According to officials, the search operation was conducted on July 9 as part of an investigation into Kalanee Impex Private Limited and its active director, Dharmesh Sangani.The ED claimed that evidence relating to undisclosed foreign assets, undisclosed foreign bank accounts and suspicious cross-border transactions was recovered during the searches.The agency alleged that export proceeds that were required to be repatriated to India had not been realised despite the lapse of a substantial period."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," officials said.The investigation has also revealed that export proceeds were allegedly received from third-party entities instead of the consignee or buyer named in export invoices and shipping bills.During the searches, the ED said it found evidence of undisclosed foreign assets and bank accounts. Officials claimed that Dharmesh Sangani held a substantial shareholding in an undisclosed Canadian company, which was allegedly not disclosed before the competent authorities. The agency also identified an undisclosed business entity in the UAE.According to the ED, undisclosed foreign bank accounts in Canada, the United States and the UAE have been identified.The agency further said that customs authorities in the US and the UK are investigating certain transactions involving Sangani, while the ED is examining possible FEMA violations linked to those transactions.