The Income Tax department on Wednesday conducted raids at several locations in Mumbai linked to Prime Focus Ltd, a media and visual effects company founded by producer Namit Malhotra.

The raids were conducted at Prime Focus offices as well as places associated with the company’s financial advisors and chartered accountants. Tax authorities are investigating alleged foreign remittances, foreign fund transfers and possible tax-related irregularities.

The development comes at a time when Namit Malhotra’s much-anticipated two-part epic The Ramayana One of the biggest upcoming Indian film projects. The film features Ranbir Kapoor as Lord Ram, Sai Pallavi as Sita and Yash as Ravana.

The RamayanaThe film, which is being planned as a two-part film, is widely reported to have a budget of around Rs 4,000 crore. If the reported figure is correct, the project will be one of the costliest Indian films ever made.

The income tax findings also affected the shares of Prime Focus Ltd. The company’s stock reportedly fell nearly 8 percent during trading after news of the discoveries.

An investigation is currently underway. There has been no official statement from the Income Tax Department or Prime Focus Limited regarding the findings or their findings.

At this stage, the findings are part of an ongoing tax investigation, and no conclusions have been drawn about any alleged financial irregularities.

Also Read: Ranbir Kapoor’s Ramayana Part One To Release In India On November 5, A Day Before Paid Previews: Report