SEBI Says Rajesh Exports Inflated 15.2 Trillion Rupees of Revenue, Equal to 99.8%
Updated
Updated · Bloomberg · Jun 4
SEBI Says Rajesh Exports Inflated 15.2 Trillion Rupees of Revenue, Equal to 99.8%
3 articles · Updated · Bloomberg · Jun 4
Summary
15.2 trillion rupees of revenue was prima facie misrepresented by Rajesh Exports over five fiscal years through March 2025, SEBI said in an interim order issued Wednesday.
99.80% of the Mumbai-listed company's revenue from subsidiaries was allegedly overstated, prompting the regulator to direct Rajesh Exports to make “true and fair” disclosures in financial statements and other filings.
Rajesh Exports is the owner of Swiss gold refiner Valcambi SA, linking the alleged misstatement to revenue reported through overseas subsidiaries.
The order follows SEBI's move a day earlier to bar Rajesh Exports and its owner from securities markets over similar allegations involving roughly $158 billion of revenue misrepresentation.
With its founder barred and accounts frozen, can India's largest jewellery exporter survive this scandal?
How did a $158 billion revenue fraud escape auditors and regulators for five years?
Rajesh Exports’ $158 Billion Accounting Scandal: SEBI Action, Governance Lapses, and Investor Fallout
Overview
In June 2026, SEBI issued an interim order against Rajesh Exports Ltd (REL) and its chairman, Rajesh Mehta, following a shareholder complaint about large outstanding trade receivables. Investigations revealed alleged large-scale financial misrepresentation and fund diversion, with Mehta identified as the central decision-maker. REL routed 9.26 billion rupees without proper approvals and systematically failed to disclose financial information about key overseas subsidiaries, especially Valcambi SA, which accounted for nearly all of REL’s revenue. These actions exposed serious governance failures and regulatory blind spots, shaking investor confidence and prompting calls for stronger oversight.