The department swept 12 Mumbai locations on Sept 28, probing alleged overseas remittances tied to film shoots, distribution and production costs.
Mumbai, Sept 28 – Income Tax officials descended on more than a dozen sites across the city, targeting premises associated with actress Rakul Preet Singh, veteran producer Vashu Bhagnani, Panorama Studios and director Ali Abbas Zafar. The raids began early Monday and are still under way, with teams combing through ledgers, bank statements and foreign transaction records.
According to a TV9 report, the department launched the operation after receiving a tip about large amounts that are said to have been sent abroad under the guise of film‑shoot expenses, overseas distribution fees and production costs. Investigators are now checking whether those outflows complied with tax law or masked evasion.
The list of locations includes the Bhagnani family’s office space, the head office of Panorama Studios, a property linked to Rakul Preet Singh’s personal accounts and the director’s own workspace. Sources close to the probe said the searches are being carried out by multiple squads, each tasked with seizing documents and digital data.
Rakul Preet Singh, a prominent face in both Hindi and South Indian cinema, married Jackky Bhagnani – Vashu’s son – in 2024, bringing her into the Bhagnani business fold. Vashu Bhagnani, whose production credits span from the mid‑90s ‘Coolie No 1’ to the recent ‘Bade Miyan Chote Miyan’, has several projects in the pipeline, the most high‑profile being the sequel Drishyam – The Conclusion, slated for release on October 2.
The timing of the raids could not be more delicate. Drishyam – The Conclusion is set to hit theatres this Friday, and any negative publicity might affect its opening weekend. Panorama Studios, known for hits like Pyaar Ka Punchnama and Raid, is also gearing up for the same release, adding another layer of pressure.
Industry insiders are watching closely. One senior producer, who asked to remain unnamed, said, “Whenever the tax man knocks, it sends a chill through the set. It’s a reminder that financial transparency in film financing is under the microscope.”
No official statement has been released by the Income Tax Department, and neither the actors nor the production houses have commented publicly. Legal counsel for the parties involved is reportedly preparing responses, but they have declined to discuss the matter further.
What the raids could mean for Bollywood
If the investigation uncovers irregularities, the fallout could extend beyond fines. Potential ramifications include tighter scrutiny on foreign exchange usage for film projects, and a possible slowdown in cross‑border co‑production deals. On the other hand, if the probes find no wrongdoing, the narrative may shift to a cautionary tale about how rumours can disrupt a film’s promotional cycle.
For now, the focus remains on the ongoing searches. Fans of Rakul Preet Singh and the Bhagnani banner are urging patience, while trade analysts are recalibrating box‑office forecasts for Drishyam – The Conclusion in light of the developing story.
The next update is expected once the department completes its document seizure and begins formal questioning. Until then, the industry watches, waiting for the final report that could reshape how money moves behind the glitter of Bollywood.
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