SEBI accuses Rajesh Exports of 15L/cr inflation via Valcambi
SEBI has accused Rajesh Exports of massively inflating its revenue by over ₹15 lakh crore ($159 billion), using its Swiss unit, Valcambi, between 2020 and 2025.
This has put a spotlight on how financial numbers are reported in the gold business.
SEBI finds 11,400 cr fake trades
Valcambi's own standalone accounts showed way less income than Rajesh Exports claimed, just $70-100 million.
SEBI also found some sketchy moves: a huge ₹1,035 crore investment in African gold mines with no paperwork, and fake trades worth ₹11,400 crore that didn't actually happen.
The probe started in 2024 after a complaint about large outstanding trade receivables from Rajesh Exports.
Since this news broke, the company's shares have dropped 10%.
Rajesh Exports denies any wrongdoing, calling SEBI's view "the major point mis-interpreted with regard to the revenues of the company is totally misplaced."