ED Raid on Rajesh Exports Exposes ₹17,000 MD Salary, Unpaid CFO; SEBI Flags ₹15.15 Lakh Crore Revenue Inflation
Enforcement Directorate searches at India's largest gold jewellery exporter reveal MD drawing just ₹17,000/month and CFO unpaid since 2020. SEBI alleges ₹15.15 lakh crore in inflated revenues routed via overseas subsidiaries including Valcambi. SFIO probe looms; LIC's 10.8% stake and ₹12,726 crore in investor wealth erosion put institutional holders on edge.
ED raided Rajesh Exports, India's largest gold/jewellery exporter, finding MD paid ₹17,000/month and CFO unpaid since 2020. SEBI alleges ₹15.15 lakh crore revenue inflation via overseas subsidiaries. SFIO probe imminent; LIC holds 10.8% stake.