Inside the News
- SEBI has accused Rajesh Exports of allegedly misrepresenting nearly ₹15.15 lakh crore in revenue.
- The investigation began after a shareholder raised concerns about the company’s financial disclosures.
- Regulators have questioned revenue reporting, overseas subsidiaries, and the movement of company funds.
- Rajesh Exports has denied all allegations, and the investigation is still ongoing.
For years, Rajesh Exports was considered one of India’s biggest corporate success stories. The Bengaluru-based company built a global presence in gold refining and exports, reporting revenues that placed it among the country’s largest businesses.
That reputation came under scrutiny in June 2026 when SEBI alleged that the company may have misrepresented nearly ₹15.15 lakh crore in revenue over several financial years.
Interestingly, the controversy did not begin with a raid or a whistleblower. It reportedly started when a shareholder questioned certain financial disclosures and large unpaid dues shown in the company’s accounts. Those concerns eventually led to a deeper investigation by SEBI.
According to the regulator’s interim findings, much of the questioned revenue was linked to Rajesh Exports’ overseas operations, particularly its Swiss subsidiary, Valcambi. SEBI alleges that the financial records it reviewed did not fully support the scale of revenue reported by the company.
The investigation also raised concerns about certain transactions worth more than ₹11,000 crore, which investigators believe may have created a misleading picture of business activity. Questions were also raised about the movement of company funds through promoter-linked accounts and disclosures related to investments in African gold mining projects.
Following the findings, SEBI imposed restrictions on Chairman Rajesh Mehta while the investigation continues. The news triggered a sharp reaction in the stock market, with investors closely watching developments.
Rajesh Exports, however, has strongly denied the allegations. The company maintains that its financial statements are accurate and argues that the regulator has misunderstood the structure of its international operations.
At this stage, it is important to remember that these are allegations and not final conclusions. SEBI’s order is interim, and Rajesh Exports will have the opportunity to present its case before any final decision is made.
Regardless of the outcome, the case has become one of the most talked-about corporate investigations in India, raising fresh questions about transparency, financial reporting, and corporate governance.
Understanding the Terms
SEBI: India’s stock market regulator that oversees listed companies and protects investors.
Revenue: The total money a company earns from its business activities before expenses are deducted.
Subsidiary: A company owned or controlled by another company.
Forensic Audit: A detailed investigation of financial records to identify possible irregularities or misconduct.
Derivative Trades: Financial contracts whose value is linked to assets such as stocks, commodities, or currencies.
Corporate Governance: The system of rules and practices that determines how a company is managed and controlled.
Interim Order: A temporary regulatory decision issued while an investigation is still ongoing.