AFTER THE ENFORCEMENT DIRECTORATE (ED) raided nine sites linked to Rajesh Exports on Tuesday, June 23, 2026, they found unusual management pay practices including no salary to Chief Financial Officer in the last five years. The agency also detected ₹600-crore share manipulation, missing foreign transactions, records, and a 40-percent stock mismatch.

The raid comes after Securities and Exchange Board of India (SEBI) had ordered a 109-page order to Rajesh Exports, barring them from trade in the stock market as the market regulator suspected discrepancies in the company's financial statements. One major finding from the latest ED searches into Rajesh Exports records found discrepancies in the salaries of Managing Director and Chief Financial Officer of the company.

Unusually Low Salaries After ₹7.7 Lakh Cr Revenue

The Enforcement Directorate, in its latest action under Foreign and Exchange Management Act (FEMA), alleged that the Chief Financial Officer (CFO) of Rajesh Exports have not received any salary since 2020. The agency also allege that the Managing Director (MD) also received an unusually low salary of ₹17,000 a month. This was despite the company reporting the consolidated revenue of ₹7.7 lakh crore. This discrepancy in salary raised questions over Rajesh Exports’ commercial practices and the authenticity of the reported operations.

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The ED also claimed that some large share deals involving Rajesh Exports stock were also under scrutiny. According to the agency, a few individuals linked to these transactions were named in data leaks examined by the International Consortium of Investigative Journalists (ICIJ). 

The initial findings of the probe revealed that there are possible undisclosed offshore connections, which are now being further investigated. The ED also alleged that over ₹600 crore was moved out of India through alleged share price manipulation and transactions carried out using NRI benamidars, or proxy shareholders acting on behalf of others.

Discrepancies in Foreign transactions worth ₹1,000 Crore

The ED said that Rajesh Exports didn’t produce records relating to several foreign transactions, including imports, exports, overseas investments, and settlement of foreign trade receivables and payables. The investigating body also alleged that the company had claimed an investment of ₹1,035 crore in African  Mines. However, the documents supporting this claim were neither found nor produced by the company during the raid. SEBI had also pointed out this issue in their initial probe report on June 3, 2026.

Investigators are also looking into transactions worth around ₹3,000 crore in which money owed to the company was allegedly used to settle payments for gold imports. However, officials suspect that some of the gold shipments may not have actually been delivered despite records claiming they were.

In its initial order the market regulator alleged that Rajesh Exports had misrepresented revenues worth ₹15.15 lakh crore over the course of four years from FY21 to FY25, which amounted to nearly 99.8 percent of the company’s total consolidated revenue during this period. Some reports also claimed that this number was above ₹23 Lakh Crore if the revenue of FY26 was also accounted for. 

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