The Income Tax Department has launched search operations at 12 locations in Mumbai linked to Bollywood actor Rakul Preet Singh, filmmaker and producer Vashu Bhagnani and Panorama Studios as part of an investigation into suspected financial irregularities, according to reports.
Multiple teams from the Mumbai Income Tax Department are carrying out the searches and examining documents, financial records and details of transactions associated with the individuals and the production house.
The investigation is reportedly focused on suspected irregularities in film financing. Officials are examining allegations that funds may have been routed overseas under the guise of financing film projects. The department is scrutinising financial transactions to determine the nature and movement of the funds.
Further details about the transactions under investigation have not been disclosed. The Income Tax Department has also not publicly announced any findings from the ongoing searches.
The searches cover premises linked to Rakul Preet Singh, Vashu Bhagnani and Panorama Studios. Officials are understood to be verifying financial documents and transaction records as part of the probe.
The development comes amid heightened scrutiny of financial transactions in the entertainment industry, particularly those involving film production and financing. However, the searches themselves do not establish wrongdoing, and the investigation is still underway.
Rakul Preet Singh is married to actor and producer Jackky Bhagnani, son of Vashu Bhagnani. Panorama Studios is involved in film production and distribution.
The current Income Tax investigation is separate from a drug-related case involving Rakul Preet Singh’s brother, Aman Preet Singh, in Hyderabad in December 2025.
On December 19, 2025, the Elite Action Group for Drug Law Enforcement (EAGLE) Force and West Zone police arrested two businessmen in Hyderabad for allegedly peddling drugs. Police seized 43 grams of cocaine and 11.5 grams of MDMA during the operation.
During the investigation, police reportedly suspected that Aman Preet Singh had purchased drugs from the two alleged peddlers on multiple occasions. His name emerged during the probe in connection with alleged drug consumption. The earlier case, however, is unrelated to the ongoing Income Tax searches.
The Income Tax Department’s present action is focused on alleged financial irregularities and possible overseas movement of funds linked to film projects. Officials are continuing to examine records and transactions, and further details are expected as the investigation progresses.
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