SEBI Finds Rajesh Exports misstated ₹15 trillion in sales over 5 years

The Securities and Exchange Board of India has accused Rajesh Exports Ltd of prima facie misrepresenting about ₹15.15 trillion, equivalent to $180 billion, of revenue over five years, in what could become one of the largest alleged accounting fraud cases in India's corporate and capital market history.

SEBI alleged a prima facie revenue misrepresentation representing 99.8% of revenue attributed to subsidiaries.

In a 109-page interim order, the market regulator alleged that the Bengaluru-based gold refiner and exporter materially overstated the scale of its consolidated operations between 2020-21 and 2024-25 by reporting revenue attributed to overseas subsidiaries that could not be independently verified. The regulator has barred the company and its chairman Rajesh Mehta from the securities market pending further proceedings.

SEBI's findings centre on the company's Swiss subsidiary structure, particularly precious metals refiner Valcambi SA. According to the order, Rajesh Exports reported consolidated revenue of approximately ₹15.45 trillion during April 2020- March 2025. However, audited standalone financial statements of Valcambi SA reflected revenue equivalent to only about ₹3,027 crore over the corresponding period.

Despite repeated summons, the company allegedly failed to provide customer-wise sales records, vendor details, invoices, confirmations and other transaction-level evidence needed to verify the reported figures.


SEBI further alleged that Rajesh Exports did not publish financial statements of several overseas subsidiaries, including entities that generated the bulk of its reported consolidated business. The company cited Swiss confidentiality and data-protection laws as a reason for withholding information, a defence the regulator rejected.


The allegations are likely to draw comparisons with the 2009 Satyam scandal, long regarded as India's most notorious corporate accounting fraud. While the Rajesh Exports matter remains at an interim stage and the allegations have yet to be adjudicated, the sheer scale of the questioned revenue figures exceeds that seen in previous Indian accounting controversies.