The Central Board of Direct Taxes claimed on Thursday that the Income Tax Department has detected financial irregularities of more than Rs 650 crore after raiding two film production companies, two talent management companies and a leading actress. However, the CBDT did not take any name. The statement from the CBDT came at a time when Bollywood actors Taapsee Pannu, director Anurag Kashyap and their associates raided homes and offices.
Raids in Mumbai, Pune and Hyderabad
Phantom films were launched by Anurag Kashyap and his colleagues together, which is now closed. The raids continued in Mumbai, Pune and Hyderabad for the second day. Officials said that some officials of celebrity and talent management companies KWAN and Exceed were also involved in the raid.
A day later, without naming people or companies, the CBDT said that the entities involved in the raids are mainly in the business of motion pictures, web series, acting, direction and celebrities and talent management of other artists. Official sources have identified the red units as four former promoters of Phantom Films, including Kashyap, director-producer Vikramaditya Motwane and producer Vikas Bahl, producer-distributor Madhu Mantena. He has also identified celebrities and talent management companies as Kwan and Exceed.
The second film production company, where the raid took place, is that of Kashyap. In a statement from CBDT, it has been claimed that there is evidence of hiding the income by a larger production house than the actual box office collection.
Phantom Films was founded in 2011
Explain that Phantom Films was formed in 2011 by Anurag Kashyap, Vikramaditya Motwane, Producer Madhu Verma Mantena and Vikas Bahl. After this, in March 2015, Reliance Entertainment bought a 50 percent stake in this company. Finally in 2018, the company was dissolved when Vikas Bahl was accused of sexual harassment. Films like Lootera, Queen, Ugly, NH10, Masan and Udta Punjab have been produced under its banner.
Anurag Kashyap later launched a new production company ‘Good Bad Films’. Whereas Motwani launched ‘Andolan Films’. The raid against Madhu Mantena is also related to ‘Quan’. Mantena is its co-promoter.