The Income Tax Department's search operations are reportedly linked to alleged financial discrepancies involving funds that were purportedly routed overseas for film production ventures. However, authorities have not publicly disclosed details of the transactions under scrutiny or revealed the amount of money involved.
According to reports, multiple premises associated with film personalities and production banners were searched as part of the investigation. The Income Tax Department has not officially shared details of its findings or confirmed whether any tax violations have been established.
Panorama Studios, reportedly among the entities linked to the searches, is owned by producer Kumar Mangat. The company has backed and distributed several Hindi films. Its upcoming release, Drishyam: The Conclusion, is scheduled to hit cinemas on October 2.
IT searches linked to Rakul Preet Singh, Vashu Bhagnani
Last week, reports claimed that the Income Tax Department conducted searches at 12 locations linked to actor Rakul Preet Singh and her father-in-law, producer Vashu Bhagnani. According to TV9, the searches were carried out on Monday, September 28, over suspected irregularities in the movement of funds.
Reports said the department was examining allegations that funds were being routed overseas under the guise of financing film projects. Bhagnani did not respond to queries regarding the searches.
Rakul Preet Singh denies reports
Following the reports, Rakul addressed the matter on Instagram and objected to what she described as sensationalised and unverified reporting.
"It's heartbreaking to see that there's a growing trend amongst the self-styled online reporters & some mainstream media journalists to sensationalise the news without verifying facts. Let's therefore set the record straight once and for all. The search was not pertaining to me," she wrote.
Rakul further said that she has been paying her income tax regularly and denied any involvement in illegal foreign remittances.
"Let it be known that I am from the Armed Forces background & had no Godfather in the Industry. I have come up through sheer hard work & as a responsible law-abiding citizen have been paying my due taxes since the age of 20 years," she said.
The actor also denied making any illegal foreign remittances in her personal capacity or on behalf of any production house. She further stated that she does not own any benami property in India or abroad and said she had never received any expensive property as a gift.
Rakul urges media to retract reports
Rakul urged publications that carried what she called false and speculative reports to retract them and clarify the facts.
"I urge all those who published these false, malicious and speculative reports to retract them and clarify the facts," she wrote, adding that commercial pressures in the media industry should not come at the cost of facts, a person's reputation or livelihood.
The Income Tax Department has yet to publicly disclose the findings of the searches or confirm whether any violations have been established.
