SEBI has ordered an investigation into Rajesh Exports, a Bengaluru-headquartered gold refinery and jewellery manufacturer, following allegations of large-scale financial irregularities involving a reported Rs 15.15 lakh crore mismatch.
According to the regulator, a complaint was received on March 11, 2024, flagging concerns over high-value transactions and the amounts reported by the company. SEBI subsequently began a probe, appointing an investigating officer and a separate official to examine the company’s accounts and verify its financial statements.
The preliminary review found that from FY2021 to FY2025, a significant portion of Rajesh Exports’ reported revenue came from its overseas subsidiaries, accounting for about 97% to 99% of the total income declared by the company.
SEBI’s scrutiny of accounts linked to Valcambi, the Switzerland-based gold refinery acquired earlier by the company, and other subsidiaries reportedly revealed major inconsistencies. Valcambi’s income was recorded at a much lower level, and the regulator noted a difference of Rs 15.15 lakh crore over five years.
Following these findings, SEBI has barred the company’s founder and chairman, Rajesh Mehta, from participating in securities trading. Rajesh Exports has denied wrongdoing, calling the order interim and attributing the issue to a communication gap, while stating it is submitting relevant documents to clarify matters to SEBI.
