Rajesh Exports says ED Bengaluru search found nothing missing
Rajesh Exports just had its Bengaluru office searched by the Enforcement Directorate (ED), but the company says everything checked out: no missing cash or inventory.
According to their statement, staff fully cooperated and handed over all documents the ED asked for.
Nothing was seized during the visit.
SEBI alleges Rajesh Exports inflated 15.15Lcr
The ED's interest started because Rajesh Exports allegedly didn't share paperwork for foreign deals worth ₹1,035 crore, and during the search, a 40% mismatch between factory records and actual stock was found.
On top of that, Securities and Exchange Board of India (SEBI) accused the company of inflating revenues by a massive ₹15.15 lakh crore over five fiscal years, which triggered a forensic audit.
After all this news broke, Rajesh Exports's shares dropped nearly 5% on June 25, closing at ₹97.75 on the Bombay Stock Exchange (BSE).