SEBI alleges Rajesh Exports inflated revenue by $159B via Swiss unit Valcambi over five years
Indian gold refiner-retailer accused of booking 15.15 trillion rupees in fictitious sales through Valcambi between FY20-FY25, alongside sham African mine investments and 114 billion rupees in bogus broker trades. Stock fell 10%; LIC holds 11%. Company denies wrongdoing.
SEBI alleges gold refiner-retailer Rajesh Exports inflated revenue by $159 billion via Swiss unit Valcambi between 2020-2025, plus fictitious African mine investments and broker trades. Company denies wrongdoing; LIC holds 11%, shares down 10%.