Rajesh Exports has come under sharp scrutiny after the Enforcement Directorate revealed startling details during raids in Bengaluru and Mumbai. The company reported consolidated revenue of ₹7.7 lakh crore, yet its chief financial officer has allegedly not received any salary since 2020. The managing director was said to be drawing only ₹17,000 per month.
The ED carried out searches at nine locations as part of a probe under the Foreign Exchange Management Act. Investigators suspect manipulation of shares worth ₹600 crore through non‑resident benamidars and questionable block trades linked to offshore leaks.
Records for an investment of ₹1,035 crore in African Mines were reportedly missing. Adjustments of nearly ₹3,000 crore in trade receivables and payables with UAE‑based entities raised further concerns. Physical checks also showed a 40 percent mismatch between recorded and actual gold inventory.
Earlier, the Securities and Exchange Board of India had flagged misreporting of revenues amounting to ₹15.15 lakh crore between financial years 2021 and 2025. SEBI barred promoters from accessing capital markets citing serious lapses.
The revelations have sparked questions about corporate governance and transparency. With large institutional investors including LIC exposed, regulators are tightening their grip. The case highlights risks for shareholders and the urgent need for stronger compliance in India’s corporate sector.