ED Declines Silence, Launches Searches on Kalanee Impex Under FEMA
(Judicial Quest News Network)
New Delhi/Mumbai, July 9, 2026: The Directorate of Enforcement (ED) has decisively moved against M/s Kalanee Impex Pvt. Ltd., conducting searches at multiple premises in Mumbai under the Foreign Exchange Management Act (FEMA), 1999.
The action, spearheaded by the Headquarters Investigation Unit (HIU), New Delhi, marks a significant escalation in the probe into alleged foreign exchange violations by the company and its directors Dharmesh Sangani, Narendra Sangani, and Rajeeta Dharmesh Sangani.
Investigators unearthed evidence of undisclosed foreign companies and overseas bank accounts linked to Director Dharmesh Sangani. These assets, absent from his Income Tax Returns, are now under scrutiny for their funding sources, ownership structures, and compliance gaps.
The probe revealed that export proceeds running into crores of rupees remained unrealised far beyond the permissible period under FEMA’s Export Regulations, 2015 and the RBI Master Directions.
Crucially, no extension of time had been sought from authorised dealer banks or the Reserve Bank of India, raising suspicions of deliberate contraventions.
Earlier, the Customs Department (May 2026) had flagged Kalanee Impex among defaulting exporters with unrealised shipping bills. Investigators also found instances of third‑party remittances in place of declared overseas buyers, prompting questions about legality and compliance with FEMA and RBI norms.
Documents seized revealed a U.S. Customs seizure (June 2025) of jewellery worth USD 3.05 million, suspected to be smuggled and counterfeit.
The ED is probing its linkage to Kalanee Impex’s exports. Notably, Dharmesh Sangani was earlier intercepted at Heathrow Airport (September 2016) with 7.412 kg of under‑declared gold jewellery, underscoring a pattern of alleged violations.
The ED seized documents and digital devices to trace the money trail, identify overseas assets, and determine the role of all persons involved. Officials confirmed that the investigation is ongoing, with a focus on establishing the full extent of FEMA contraventions and cross‑border irregularities.
