The Income Tax Department's searches at 12 locations in Mumbai linked to actor Rakul Preet Singh, filmmaker Vashu Bhagnani and Panorama Studios have put the spotlight on financial transactions connected to film production.

Multiple teams from the Mumbai Income Tax Department conducted the searches as part of an investigation into suspected financial irregularities. The probe is reportedly focused on transactions linked to film financing, including allegations that funds may have been routed overseas in connection with film projects.

Officials are examining financial records, transaction details and other documents to understand how the money was moved and the purpose of the payments. However, the exact transactions under scrutiny, the amount involved and the films connected to them have not been disclosed.

Why is film financing under scrutiny?

Film projects often involve complicated financial arrangements, particularly when they involve international production, distribution or collaborations. Money can move between production companies, distributors, investors and overseas entities as part of such deals.

The Income Tax Department's investigation is reportedly looking at whether some overseas transactions linked to film projects were genuine financing arrangements or whether there were discrepancies that require further examination.

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The searches are therefore not simply about the presence of money overseas. Investigators are expected to examine the source of the funds, the entities involved, the purpose of the transactions and whether the financial records accurately reflect those dealings.

At this stage, there is no publicly disclosed finding establishing that the individuals or companies searched have committed tax violations. The investigation is ongoing.

What happened during the searches?

The Income Tax Department searched 12 locations in Mumbai associated with Rakul Preet Singh, Vashu Bhagnani and Panorama Studios.

Financial documents and transaction records are reportedly being examined as part of the probe. The department has not publicly released a detailed list of the premises searched or explained the specific role each person or company is alleged to have played in the transactions.

The searches are an investigative measure and do not, by themselves, establish wrongdoing.

How are Rakul Preet Singh and Vashu Bhagnani connected?

Rakul Preet Singh is married to actor and producer Jackky Bhagnani, who is the son of Vashu Bhagnani.

Vashu Bhagnani is a filmmaker and producer associated with Pooja Entertainment, which has produced several Hindi films. Jackky Bhagnani has also been involved in film production.

Panorama Studios, meanwhile, is a separate film production and distribution company associated with filmmaker Kumar Mangat Pathak. The company has been involved in projects including the ‘Drishyam’ franchise and ‘Raid’.

The names of these individuals and companies have emerged in reports about the Income Tax searches. However, the precise financial connection between each of them and the transactions being investigated has not been publicly detailed.

Is the investigation related to Rakul's brother's drug case?

 

The Income Tax probe should not be confused with the earlier drug-related case involving Rakul Preet Singh's brother, Aman Preet Singh.

Aman Preet Singh's name emerged during a Hyderabad drug investigation in December 2025. That case involved allegations of drug possession and consumption and was investigated by the Hyderabad police and the EAGLE Force.

The present Income Tax searches are a separate matter. They are reportedly focused on financial transactions and suspected irregularities connected to film financing and overseas movement of funds.

What happens next?

The Income Tax Department is expected to examine the records and transaction details collected during the searches before determining whether further action is required.

For now, several key details remain unclear, including the total amount of money under scrutiny, the specific film projects involved and the exact nature of the alleged financial irregularities.

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The searches mark a stage in an ongoing investigation. They do not amount to a finding of guilt, and further details will depend on what the financial records reveal and what the authorities establish during the course of the probe.