From ₹1,200 Loan to ₹15.15L Crore Scam: SEBI Uncovers Massive Discrepancies in Rajesh Exports Revenue Filings

RAJESH EXPORTS, one of India’s biggest success stories in the gold and jewelry business, has allegedly pulled off one of India’s biggest scams. According to the Securities and Exchange Board of India’s (SEBI’s) recent finding, the jewelry refiners, which once started from Rs 1,200, have misrepresented revenues worth Rs 15.15 Lakh Crore from FY 2021 to FY 2025. 

SEBI claims that this comprises 99.8% of Rajesh Exports’ total reported consolidated revenue. The Bengaluru-based firm is now under scrutiny with the market regulator sending an ex parte interim order against the chairman and managing director Rajesh Mehta on Wednesday, June 3, 2026.

According to media reports, the scam was uncovered by a shareholder, who filed a complaint against Rajesh Exports in March 2024. The whistleblower directed SEBI towards possible financial misrepresentation regarding large trade receivables which were not paid for over two years.

This complaint sparked the fire that uncovered more discrepancies in financial statements of Rajesh Exports post-2020 period. SEBI launched a full investigation, bringing in a forensic auditor BDO to go over the company's records.

SEBI reportedly released a 109-page interim order against Rajesh Exports Limited (REL) and its Chairman Rajesh Mehta  on Wednesday June 3, 2026. The investigation found a convoluted web of Swiss-based subsidiaries, alleging that between FY 2020-21 and FY 2024-25, nearly 97 to 99 percent of its revenue came from overseas, not from Indian subsidiaries.

Rajesh Exports had acquired a Swiss gold refinery Valcambi SA in 2015, which they described in their records worked as a key entity in their growth as a global gold giant. However, SEBI’s report found that the Swiss firm only contributed a tiny fraction of its total consolidated earnings. For instance, in CY2023 Valcambi SA reported revenue of Rs 542.68 crore, while Rajesh Exports reported global Revenue of Rs. 2.93 Lakh Crore. 

The gap was too large for SEBI to ignore. When the market regulator questioned the reason for this gap, the initial explanation by the company was unconvincing, leading to the interim order against the firm. 

See Also: “Are We Supposed to Lie?”: Enumerators Flag Discrepancies in Census 2027 Data Collection

The Bengaluru-based gold refinery has denied SEBI’s allegations. In an official statement on Thursday, June 4, 2026, Rajesh Exports claimed, “The revenues declared by the company are correct and there is no overstating of revenues. There seems to be some type of communication gap and confusion between SEBI and the company. The company is in the process of clarifying all aspects to SEBI by submitting all the required and relevant documents.”

Speaking to NDTV Profit, Chairman Rajesh Mehta termed the report as mere communication gap between SEBI and the company. He said:

Rajesh Exports is a gold and jewelry refinery firm dealing in exports of gold, silver and precious metals. It is run by managing director and chairman Rajesh Mehta, a native of Bengaluru.

Mehta is a well-known figure in the gold refinery industry. After completing his studies from St. Joseph’s School in Bengaluru, Rajesh took over his father’s jewelry business. Rajesh and his brother Prashant borrowed Rs 1,200 in the 1980s from their eldest brother to start a silver jewelry firm, expanding it into one of the biggest wholesale silver jewelry firms in South India. The company’s operation soon expanded into other markets, particularly in Mumbai and Gujarat.

In 1995, the company got publicly listed after an IPO, raising over Rs 100 crore. It sparked the firm's expansion into exports and global ties, acquiring the Swiss gold refinery Valcambi SA in 2015.

The fame and stature of Rajesh Mehta, his humble beginnings and the success story of global expansion made him a popular figure in the gold and jewelry industry, making the SEBI report even more shocking for those in the circle. Once Rajesh Exports submits all the documents and records, more details and response from the SEBI’s investigation are awaited.

Suggested Reading: