The Income Tax Department today raided approximately 12 Mumbai properties connected to Rakul Preet Singh, producer Vashu Bhagnani, and Panorama Studios. Vashu, a prominent name in Bollywood, is her father-in-law.
"Authorities launched the probe over potential financial discrepancies, focusing on allegations that capital intended for movie production was illegally transferred overseas. Officials inspected accounting ledgers and international transfer records across all targeted sites. Representatives for the actor, Vashu's Pooja Entertainment, and Panorama Studios had not issued any public response regarding the raids at the time the report was published," national media reports have said.
In 2024, media reports stated that producer Vashu Bhagnani had sold off his banner's seven-floor office in Mumbai to repay a debt close to the tune of Rs. 250 Cr. At that time, he also laid off 80% of his employees. The desperate step was reportedly taken in view of some recent disasters produced by Pooja Entertainment. The banner received a huge jolt with the failure of the Akshay Kumar-Tiger Shroff movie, Bade Miyan Chote Miyan. Later reports invalidated this narrative, stating that the losses were overstated by gossip columns. Pooja Entertainment, which is known for blockbusters such as Coolie No. 1 (1995), Hero No. 1 (1997), among others, is owned by Rakul's father-in-law.
