The Enforcement Directorate (ED) conducted searches at nine premises linked to Rajesh Exports Ltd. in Bengaluru and Mumbai on Tuesday, targeting alleged dubious deals worth ₹3,000 crore. The jeweller is under scrutiny following Securities and Exchange Board of India (SEBI) allegations that it misrepresented nearly all of its revenue over five financial years up to FY25, totaling ₹15.15 trillion, according to livemint.com.
The ED search teams found a significant mismatch between the company's declared gold inventory and the physical stock available at the premises searched. The investigations come amid SEBI's earlier claims that Rajesh Exports distorted its financials, raising concerns over the authenticity of its reported revenues. Officials involved in the probe are examining the extent of the discrepancies and the implications for the company's compliance with regulatory norms, livemint.com reported.
This case highlights ongoing regulatory challenges in India's gold and jewellery sector, where accurate reporting and inventory management are critical. Rajesh Exports is one of the largest jewellers in India, and the scale of the alleged misrepresentation is among the largest financial irregularities reported in the sector recently. The investigation follows increased scrutiny of corporate disclosures by Indian regulators, reflecting a broader effort to enforce transparency and accountability in financial reporting, according to livemint.com.
The ED's searches on June 23, 2026, mark a significant step in the probe into Rajesh Exports' financial practices. The agency's findings on the gold inventory mismatch and the ₹3,000 crore dubious deals will be crucial in determining further legal and regulatory actions against the company, as detailed by livemint.com.