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The Enforcement Directorate (ED) has identified alleged undisclosed foreign assets, foreign bank accounts in Canada, the United States of America (USA) and the United Arab Emirates (UAE), along with suspicious cross-border transactions during searches conducted in connection with a probe into Kalanee Impex Private Limited and its active director Dharmesh Narendra Sangani.
The findings emerged following ED raids conducted in Mumbai on July 9 under the provisions of the Foreign Exchange Management Act, 1999 (FEMA). During the search proceedings, officials said it was revealed that "money which ought to have been received in India has not come to India despite lapse of substantial time." ED investigators allegedly found that 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 ED investigation further allegedly revealed receipt of export proceeds from third-party entities other than the consignee or buyer named in export invoices and shipping bills. Officials claimed that evidence related to alleged undisclosed foreign assets and foreign bank accounts was found during the search operations. According to officials privy to the development, a substantial shareholding of Dharmesh Sangani was allegedly found in an undisclosed Canadian company. "Associated foreign bank account and related transactions were also not disclosed before appropriate authorities." In another instance, officials said an alleged undisclosed UAE business entity was identified. "As of now, undisclosed foreign banks' accounts in Canada, the USA and the UAE have been identified," officials said. Officials further stated that "customs authorities of the USA and the UK are investigating certain transactions of Dharmesh Sangani, and ED is also investigating FEMA violations in such transactions." During the search operation, officials alleged that Dharmesh Sangani attempted to destroy digital evidence by throwing his mobile phone from the 13th floor of a building, following which a complaint was filed by the ED with Mumbai Police. "The Mobile was later retrieved by ED officers and seized." Earlier, in September 2016, the agency said UK Border Force officers had seized approximately 7.4 kg of gold jewellery being brought into the UK by Dharmesh Sangani, alleging that the same was under-declared. (ANI)
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