Income Tax Department officials have initiated search operations at 12 premises across Mumbai linked to prominent actor Rakul Preet Singh, veteran filmmaker-producer Vashu Bhagnani, and his production house, Panorama Studios. The searches are part of an ongoing investigation into suspected financial irregularities, particularly concerning the alleged routing of funds overseas under the guise of financing film projects.
Details of the Ongoing Investigation
Multiple Income Tax teams are currently examining a range of documents, financial records, and transaction details at the targeted locations. The objective is to verify if any violations or discrepancies have occurred in connection with film production and related business activities. As of now, no formal findings have been publicly disclosed, and authorities have not released specific details regarding the payments or alleged irregularities.
Among the entities under scrutiny is Panorama Studios, known for producing significant films, including the upcoming “Drishyam 3”. The investigation underscores a broader trend of increased regulatory oversight on financial transactions within the entertainment industry.
Broader Context: Bollywood Under Scrutiny
Bollywood has, in recent years, frequently come under the Income Tax Department's lens. These investigations often focus on questions surrounding film funding sources, foreign remittances, and financial disclosures related to various production activities. The current searches involving Rakul Preet Singh and Vashu Bhagnani are part of this ongoing effort to ensure financial compliance within the industry.
Separate Legal Troubles for Bhagnani
Separately, producer Vashu Bhagnani's company, Puja Entertainment (India) Ltd., has been involved in a high-value legal dispute earlier this year. In May 2026, the production house filed a ₹400 crore lawsuit in the Bombay High Court against Tips Industries, Ramesh and Kumar S Taurani, and filmmaker David Dhawan.
The lawsuit concerns the alleged unauthorized use of songs from Bhagnani’s 1999 film “Biwi No. 1” – specifically “Chunnari Chunnari” and “Ishq Sona Hai” – in the Varun Dhawan-starrer “Hai Jawani Toh Ishq Hona Hai”. Puja Entertainment sought restrictions on the new film's release, distribution, streaming, and promotional use of the songs, along with their removal and a change to the film’s title.