Mumbai: In a major development shaking the Indian entertainment industry, 'The FreeLance' ground report reveals that income tax authorities have conducted raids at the Mumbai offices of 'Prime Focus Limited', owned by producer Namit Malhotra, who is backing the monumental mythological project 'Ramayana'. According to reports, the searches are centered around financial irregularities concerning foreign remittances and cross-border monetary transactions.
This aggressive scrutiny comes just weeks ahead of the release schedule of the high-profile, multi-part epic being directed by Nitesh Tiwari. While the IT department is yet to issue an official statement detailing the exact scope of the investigation, the market reaction was instantaneous. Following the breaking news on the morning of October 7, Prime Focus shares slumped by nearly 8% on the stock exchange, reflecting immediate investor anxiety.
Financial Scrutiny Deepens Around the 'Ramayana' Ecosystem
The timing of these raids compounds a series of recent events surrounding the production hub. Just days prior, a minor fire incident was reported near the 'Ramayana' set at the Prime Focus studios in Mumbai. Fortunately, there were no casualties, and shooting resumed swiftly. However, the subsequent tax enforcement action has added a new layer of turbulence for the production house.
- Foreign Remittance Probe: Tax officials are rigorously examining accounts and audit trails related to overseas financial transfers involving Prime Focus.
- Market Impact: News of the raid triggered an immediate 8% drop in Prime Focus share prices on Dalal Street.
- Production Hurdles: The financial audit follows closely on the heels of a minor fire scare at the studio lot.
Global Scale VFX and Star-Studded Ensemble
Namit Malhotra’s Prime Focus, alongside its subsidiary DNEG, is globally renowned for cutting-edge visual effects and post-production. Malhotra is producing 'Ramayana' in collaboration with actor Yash’s 'Monster Mind Creations' and DNEG, targeting a staggering budget of approximately ₹4,000 crore. The cinematic spectacle boasts a stellar cast including Ranbir Kapoor as Lord Rama, Sai Pallaavi as Sita, and Yash as Ravana, alongside Sunny Deol as Hanuman and veteran Arun Govil—who famously played Rama in Ramanand Sagar's classic TV series—now portraying King Dasharatha. The first part is slated for a Diwali release on November 5, 2026, with the second part following in Diwali 2027. 'The FreeLance' will continue to track this developing story closely.
