MUMBAI: The Income Tax Department has launched a fresh search operation across multiple locations linked to Bollywood personalities and film production businesses, bringing actress Rakul Preet Singh, veteran producer Vashu Bhagnani and entities associated with Panorama Studios into the spotlight.
The searches, reported on September 28, come amid an investigation into suspected financial irregularities involving the film business, including allegations that substantial amounts of money may have been sent overseas in the name of film production, shooting and international distribution. According to the initial report, around 12 premises connected with the individuals and companies are being searched by teams of the Mumbai Income Tax Department.
The department’s action is reportedly based on inputs gathered over a period of time concerning the movement of funds connected with film production and overseas distribution. Officials are examining whether money shown as expenses relating to film projects, international shoots or distribution arrangements was properly accounted for and whether applicable tax obligations were met.
At this stage, however, the allegations remain part of an ongoing investigation. A search by the Income Tax Department does not by itself establish tax evasion, money laundering or any other offence. The findings of the searches, examination of documents and digital evidence, and any subsequent proceedings will determine whether violations actually occurred.
Rakul Preet Singh’s name has emerged in connection with the current operation, according to the Aaj Tak report. The actress is among the prominent Bollywood names whose premises are reportedly being searched. There is no publicly established finding from the current operation that she has committed tax evasion or participated in any financial wrongdoing.
Vashu Bhagnani, one of the established names in Hindi film production, has also come under the Income Tax Department’s scrutiny. Bhagnani and his son Jackky Bhagnani have been associated with Pooja Entertainment, which has produced several major Hindi films. Their production business faced considerable financial attention following the performance of films including Mission Raniganj, Ganapath and Bade Miyan Chote Miyan. Earlier reports had also detailed disputes over payments and production-related finances, although those matters involve separate allegations and should not automatically be treated as connected to the present Income Tax searches.
The current action also brings Panorama Studios into focus. Panorama Studios International is a publicly listed entertainment company associated with producer Kumar Mangat Pathak and Abhishek Pathak. Its recent corporate filings show continuing activity across film production, distribution and licensing.
Importantly, Panorama Studios’ own recent disclosures show that the company has been active on several major projects. On September 16, the company announced a distribution agreement covering theatrical and airborne rights for the Hindi film Drishyam 3: Drishyam – The Conclusion. The same day’s disclosures also referred to agreements involving other film projects.
The connection with Drishyam is therefore significant from an industry perspective, but the current Income Tax action should not be interpreted as proof that the film franchise or its producers have been involved in wrongdoing. The precise nature of the department’s inquiry into Panorama Studios and the individuals associated with it will have to emerge through the investigation.
The Income Tax Department’s focus on overseas transactions is particularly important because large film projects increasingly involve international locations, foreign distributors, overseas rights, co-production arrangements, talent payments and global licensing. Such transactions can involve multiple companies and jurisdictions, making the accounting trail considerably more complicated than a conventional domestic production.
Investigators are expected to examine financial records, agreements, invoices, payment trails and other material available at the searched premises. If discrepancies are found, the department could seek further explanations and supporting documentation from the concerned entities and individuals.
The development also comes at a time when the financial structure of the Hindi film industry is undergoing significant change. Film producers now operate across theatrical distribution, satellite rights, streaming platforms, overseas markets, music, licensing and other forms of intellectual-property monetisation. This has made financial transparency and documentation increasingly important for production houses.
For Vashu Bhagnani and his production interests, the latest scrutiny comes after a period of considerable financial and legal controversy. In 2026, a complaint filed by Bhagnani against Netflix India over alleged non-payment of ₹47.37 crore in connection with film rights led the Mumbai Police’s Economic Offences Wing to initiate a preliminary inquiry. Netflix has denied the allegations. This matter is separate from the Income Tax operation reported on September 28.
Panorama Studios, meanwhile, has continued to expand its commercial activities. Its September corporate disclosures include agreements relating to Drishyam 3 and several other films, indicating that the company remains actively engaged in film distribution and rights exploitation.
The present Income Tax searches should therefore be viewed as an investigative step rather than a final finding. Authorities will need to establish whether the financial transactions under examination involved legitimate business expenses and properly documented international payments or whether any transactions breached tax or other financial regulations.
The Bollywood industry has previously faced major Income Tax investigations involving producers, actors and talent-management companies. In March 2021, the Income Tax Department officially announced searches at 28 premises connected with film production companies, an actress and talent-management firms, saying it had detected alleged suppression of income, discrepancies in box-office collections and other financial irregularities. That earlier operation demonstrates the department’s continuing scrutiny of the financial structures surrounding the entertainment industry, although it was a separate investigation from the present searches.
For now, the central question is not whether the people and companies named in the reports are guilty, but what evidence the Income Tax Department finds during its searches and how the concerned parties respond to the financial questions raised by investigators.
The searches are expected to generate further information as officials examine records and electronic data. Any eventual tax demand, prosecution or other legal action would depend on the evidence collected and the findings reached by the authorities after completing the investigation.
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