ED flags FEMA breaches at Rajesh Exports; Rs 600 cr siphoning, 40% stock gap alleged
Enforcement Directorate probe into Bengaluru-based gold major Rajesh Exports cites missing foreign transaction records, suspicious UAE trade settlements, and Rs 600 crore routed via NRI benamidars. Findings compound SEBI's parallel probe into Rs 15.15 lakh crore revenue inflation and a 40% physical stock discrepancy.
ED alleges FEMA violations at gold/jewellery major Rajesh Exports, citing missing foreign transaction records, suspicious UAE trade settlements, Rs 600 crore siphoning via NRI benamidars, and 40% stock discrepancy, compounding SEBI's Rs 15.15 lakh crore revenue inflation probe.