Inflated Numbers, Diversion Of Funds & More: How Rajesh Exports 'Faked' Rs 15 Lakh Crore Revenue

For years, Rajesh Exports was one of India's biggest success stories. The Bengaluru-headquartered company built a reputation as a global gold giant. It refined precious metals, exported jewellery worldwide and boasted annual revenues that often placed it among India's largest listed firms. Now, that story is under serious scrutiny. In an interim order issued on June 3, the Securities and Exchange Board of India (SEBI) barred Rajesh Exports and its promoter-chairman Rajesh Mehta from accessing the securities market. The regulator alleged massive financial misrepresentation spanning five financial years and involving a staggering Rs 15.15 lakh crore in reported revenues. The number is so large that it exceeds the annual economic output of many countries.