A single shareholder complaint in 2024 triggered a two-year SEBI probe into Rajesh Exports, India's gold giant, exposing alleged revenue misrepresentation of ₹15.15 lakh crore, fund diversion, and a Swiss refinery at the centre of it all. On the evening of 3 June 2026, SEBI released a109-page ex parte interim orderagainst Rajesh Exports Limited and its executive chairman, Rajesh Mehta. The regulator's own word for what it found was"egregious": the possible misrepresentation of roughly₹15.15 lakh crorein revenue from overseas subsidiaries across five financial years, FY2020-21 to FY2024-25. The order, passed by Whole-Time Member Kamlesh Chandra Varshney, barred both the company and its promoter from the securities market until further notice. It also referred the matter to theNational Financial Reporting Authority (NFRA)to examine the company's statutory auditors. By the morning of 4 June, Rajesh Exports had hit the5% lower circuiton both BSE and NSE. No buyers were on the board. Market capitalisation fell below ₹3,100 crore. The stock had already lost more than 50% from its 52-week high. This is not a routine governance dispute. If confirmed,the alleged misrepresentation would rank among the largest accounting irregularities ever flagged by an Indian regulator.The ₹15.15 lakh crore figure is said to represent 99.80% of all subsidiary revenue over five years. Three broader issues make this case significant: The case also has aglobal reach.Rajesh Exports owns Valcambi SA, a Swiss gold refinery that processes a large portion of the world's gold supply. Prolonged regulatory uncertainty at the Indian parent raises real questions about Valcambi's operational future. SEBI's case rests on several distinct but linked claims. SEBI alleges that₹15.15 lakh crore,99.80% of subsidiary revenues from FY21 to FY25, may have been misrepresented in the company's consolidated accounts. The consolidated statements showed revenues mainly from Valcambi SA in Switzerland. But Valcambi's own audited accounts showednegligible revenue. The gross gold transaction revenues sat instead at Global Gold Refineries AG (GGR), one level up in the ownership chain. The corporate chain runs four levels deep: Rajesh Exports told SEBI that Valcambi recorded only processing charges, while GGR recognised the full value of gold deals. SEBI says the company could not provide any adequate documentation, accounting opinions, or transaction records to support this treatment. SEBI alleges Rajesh Exports recorded₹11,487 crore in salesand₹11,488 crore in purchaseswith a company called Affluence Shares and Stocks Pvt Ltd between FY22 and FY24. These made up roughlytwo-thirds of standalone sales and purchases.When SEBI contacted Affluence, it said Rajesh Exports wasnever its client.It said it dealt only with Rajesh Mehta in his personal capacity. SEBI says these were fictitious entries used to inflate reported turnover. SEBI alleges₹339 croreof company's money was sent to Mehta's personal accounts.
