Valcambi
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Signals
SEBI alleges Rajesh Exports inflated revenue by Rs 15.15 lakh crore; LIC stake quintupled as MFs stayed away
SEBI's interim order accuses gold-jewellery exporter Rajesh Exports of inflating revenues by Rs 15.15 lakh crore over FY21-25 and bars promoter Mehta from securities dealings pending forensic audit. Mutual funds held just 0.5% since March 2016, but LIC's stake rose from 1.99% to 11.22%, with FPIs at 14.2%.
Indian Express · Business · 6/4/2026, 4:04:35 PM
SEBI bans Rajesh Exports chairman over alleged Rs 15.15 lakh crore revenue fraud; LIC exposed
A 109-page SEBI interim order accuses Rajesh Mehta of misrepresenting Rs 15.15 lakh crore in revenue across FY21-FY25 — 99.8% of consolidated topline — and diverting funds. REL shares fell 5% and LIC, holding 10.80%, slid 1%. The Bengaluru-based gold major had acquired Swiss refiner Valcambi for $400M in 2015.
ET Small Business · 6/4/2026, 8:40:27 AM