Question SEBI Need To Answer: How did ₹15.15 Lakh Crore Revenue Gap by Rajesh Export Went Unnoticed for Four Years? Opposition Flags Links with Modi Government

RAJESH MEHTA has allegedly pulled off one of the biggest scams in India’s history, raising questions from the opposition leaders, journalists and activists over his ties with the central government. The opposition asks the question on how such a revenue gap of ₹15.15 lakh crore went unnoticed for four years by agencies like SEBI or ED.

While the SEBI investigation is still ongoing, the first major red flag is the way it began. The stock market regulator or the Enforcement Directorate  didn’t find out about the alleged revenue gap for over 4 years. It was only after a shareholder of Rajesh Exports raised the issue that SEBI started its probe in March 2024.

The SEBI filing has been ongoing for over 2 years and only an interim order has been released so far. The critics have pointed out that there is involvement of the government that is delaying this investigation, and that they don't want all the facts to come out.

India’s main opposition party, Congress, in their public statement on X, directly names Madhabi Puri Buch, Chairperson of SEBI, for sitting idle for 7 months while LIC continues to fund Rajesh Exports. When other mutual funds were alarmed by the ongoing SEBI probe, the government-owned corporation held over its 10.8% stake in the company despite the share price of Rajesh Exports plummeting 49% in the last year.

Prashant Bhushan, a lawyer and social activist, shared an old photo of Rajesh Mehta along with Prime Minister Narendra Modi in front of Rajesh Jewels. He wrote on X, “How could 15 Lakh Crores of fake exports be shown by a company for 12 years without being detected? Was this 15 L Crore laundered money coming from tax havens? Who was protecting this company? What are its connections to those in power? This photo may offer a clue!”

Supriya Shrinate, spokesperson for Congress, also shared the same photo, reiterating the same allegation Pawan Khera made in his press conference. She wrote on X, “They also have an old connection with Rajesh Mehta. Just like the one with Asaram Bapu, Mehul Choksi, and Nirav Modi. No matter which con artist it is – the great man's old connection always comes to light!”

Rajesh Mehta publicly denies any need to overstate his revenue. However, experts point out the main reason for the revenue gap is usually to launder money. SEBI, in their June 3 interim order has not speculated or found out any traces of money laundering yet. Therefore, the main reason for the alleged overstating of revenue is only speculated to present an image of growth to investors to inflate its stock price, which reached its peak in February 2023 at ₹946.85.

See Also: Harshad Mehta 2.0 : Who is Rajesh Mehta The Man Behind India’s Biggest Alleged Scam? How Much Share Does LIC Holds in Rajesh Exports?

The opposition flags ties with the Modi government is behind the investigation being delayed and getting subdued for over four years.

Pawan Khera, an Indian National Congress Leader, addressed the media yesterday, June 5, 2026, to point out major red flags in the SEBI investigation, speculating a secret link in the BJP government. In the presser, Khera pointed out how SEBI has done nothing in the investigation for over seven months and how even after the March 2024 complaint, Life Insurance Corporation (LIC)—India’s biggest government-owned insurance and investment company—kept on investing in the company.

In 2015, the acquisition of the biggest gold refineries, Swiss-based Valcambi SA, was conducted through a $400 million transaction without SEBI’s scrutiny. Khera asks how such a massive global takeover wasn’t put under lens.

Further, on March 23, 2022, Khera claims Rajesh exports was given the contract for a 5GW manufacturing capacity project worth ₹18,100 crores from the Ministry of Heavy Industries. While Rajesh Exports does own a subsidiary that manufactures lithium ion batteries, known as ACC Energy Storage Pvt Ltd, its main exporting business is only of gold and jewelry. Thus, bagging a government contract against 7 bidders who had stronger background in energy field, Congress alleges, shows some ties between Rajesh Mehta and PM Modi.

The congress also asks how many such companies and scams have gone unnoticed for years. The revenue listed by Rajesh Exports amounts to almost 5% of India’s GDP, posing questions on whether these “misrepresentations” are really leading India’s growth.

Pranjoy Guha Thakurta, a journalist, writer, and filmmaker, shared a 2009 show-cause notice issued to Adani Group related to tax evasion, money laundering, and circular trading of gold and jewelry exports. In the same notice Rajesh exports is listed as one of the offenders, who facilitated the alleged illegal trade. Pranjoy didn’t make any direct allegations but does point out a potential link between Rajesh Mehta and Gautam Adani could be seen.

SEBI would most likely take more time to check documents from Rajesh Exports before reaching a final verdict. In the meantime, the silence from the BJP government and the allegations from the opposition continue to raise alarms for the public.

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