Bollywood is facing a major Income Tax Department action in Mumbai, with search operations reportedly underway at around 12 locations linked to actress Rakul Preet Singh, filmmaker Vashu Bhagnani and Panorama Studios. The simultaneous searches have put several film-industry-linked financial dealings under the scanner.
According to reports, Income Tax teams are examining documents, financial records and details of overseas transactions as part of the ongoing investigation.
Foreign Fund Transfers Under the Scanner
The focus of the investigation is reportedly on suspected financial irregularities and alleged tax evasion linked to film-related activities. Officials are looking into whether large sums of money may have been transferred overseas in the name of film shoots, production expenses and international distribution.
However, it is important to note that the ongoing searches do not by themselves establish tax evasion or money laundering. The investigation is still underway, and no final conclusion has been announced by the department.
Why Are Rakul Preet and Vashu Bhagnani Being Mentioned Together?
There is also a direct family connection between the two names making headlines.
Rakul Preet Singh is married to actor-producer Jackky Bhagnani, who is Vashu Bhagnani’s son. This makes Vashu Bhagnani Rakul’s father-in-law.
Vashu Bhagnani is a veteran filmmaker associated with Pooja Entertainment, while Jackky has also been involved in the family’s film-production business.
Panorama Studios Also Under the Scanner
Panorama Studios, a separate film production and distribution company associated with films including the Drishyam franchise, is also reportedly among the entities linked to the searches.
Meanwhile, Rakul’s brother Aman Preet Singh has previously been mentioned in a separate 2025 drugs investigation. That case involved alleged drug transactions and is not the same as the current Income Tax investigation.
For now, the IT operation remains ongoing. The documents and financial records examined during the searches could determine what further action, if any, follows.