The Income Tax Department has launched multi-location searches across at least 12 Mumbai premises linked to actor Rakul Preet Singh, veteran producer Vashu Bhagnani and Panorama Studios over suspected financial irregularities and foreign capital transfers in film projects. Authorities are probing alleged tax evasion via overseas shoots and distribution deals, though no formal statement or figures have yet been disclosed.
The Income Tax Department initiated search operations across at least 12 Mumbai premises on Monday involving actor Rakul Preet Singh, her father-in-law and veteran producer Vashu Bhagnani, and production house Panorama Studios.
As first reported by India Today, the Mumbai IT division is executing the searches in connection with alleged financial irregularities and foreign capital transfers tied to film ventures. Officials have yet to outline the exact scope of the transactions or disclose any specific figures under scrutiny.
Singh is married to actor-producer Jackky Bhagnani, whose family heads Pooja Entertainment. While Panorama Studios remains a major production and distribution banner in the Hindi film industry.
Citing internal sources, Moneycontrol reported that tax authorities had been monitoring reports of substantial funds being transferred overseas under the guise of foreign location shoots, international production expenses, and overseas distribution rights.
Investigating teams suspect these mechanisms may have involved tax evasion and accounting discrepancies, prompting the multi-location searches across Mumbai offices and properties.
"The investigating agencies suspect that in this process there is large-scale tax evasion and financial irregularities. In this context, various teams of the Mumbai IT department are investigating several offices and premises in Mumbai," Money Control quoted a source.
The Income Tax Department has not issued a formal statement regarding any preliminary findings or confirmed any official violations. The search operations remain active, with further updates expected.
On the work front, Singh is scheduled to appear in Nitesh Tiwari’s upcoming epic Ramayana as Shurpanakha.
The film is led by Ranbir Kapoor as Lord Ram and Yash as Raavan, and also stars Sai Pallavi as Sita, Ravi Dubey as Lakshman, Sunny Deol as Hanuman, Arun Govil as King Dashrath, Lara Dutta as Kaikeyi. Ramayana is gearing up for a grand global release in November.
Meanwhile, Bhagnani’s Pooja Entertainment banner has historically backed major titles including Coolie No. 1 (1995), Bade Miyan Chote Miyan (1998), Rehnaa Hai Terre Dil Mein, and Mission Raniganj.