The Income Tax Department on Monday, September 28, conducted search operations at 12 locations in Mumbai linked to actor Rakul Preet Singh, filmmaker and producer Vashu Bhagnani, and Panorama Studios. The searches are reportedly part of an inquiry into suspected financial irregularities and alleged tax evasion involving overseas fund transfers. The Mumbai Income Tax Department received information concerning large sums allegedly being sent abroad in connection with film production, shooting expenses and overseas distribution. Investigators are examining whether the transactions complied with applicable tax regulations and whether any income was concealed.
Multiple teams of the department are currently examining documents, financial records and transaction details at the locations. The investigation is ongoing, and officials are expected to establish the nature of the transactions after reviewing the material collected during the searches. The searches reportedly involve premises connected with Vashu Bhagnani and Panorama Studios, as well as locations linked to Rakul Preet Singh. Reports have described the action as part of a broader examination of suspected irregularities in film-related financial transactions.
There has been no public confirmation of wrongdoing by the individuals or entities involved. Rakul Preet Singh, Vashu Bhagnani and the other parties named in the reports are yet to publicly respond to the search operations. Further details are expected once the Income Tax Department completes its examination.