ED accuses Rajesh Exports of FEMA violations, flags ₹15.15 lakh crore revenue inflation
Enforcement Directorate searched nine locations of the Bengaluru-based gold refiner and jeweller, citing SEBI-flagged ₹15.15 lakh crore revenue inflation across FY21-FY25, ₹1,035 crore unverified African mines investment, ₹3,000 crore opaque trade set-offs, ₹600 crore alleged siphoning, and a 40% gold stock mismatch.
ED accused gold refiner and jewellery manufacturer Rajesh Exports of FEMA violations after pan-India searches, citing Rs 15.15 lakh crore revenue inflation flagged by SEBI, missing trade records, gold stock mismatches, and alleged stock manipulation via NRI proxies.
Why this matters
ED action escalates scrutiny on Rajesh Exports following SEBI red flags, with BSE already seeking clarification and prior reports detailing African mine gaps, trade netting, and a 40% gold stock mismatch.
Retail-company signals steady at 3,678 over the past 90 days.