ED raids 9 locations of Rajesh Exports:Probe agency finds unaccounted gold, remittances of ₹190 crore

Enforcement Directorate (ED) conducted raids at 9 locations in Mumbai and Bengaluru linked to jewellery manufacturing company Rajesh Exports and its promoters. According to media reports, the investigating agency carried out this action under FEMA, the Foreign Exchange Management Act. During the investigation, discrepancies were found between the company’s books and the actual stock. Additionally, the company faces allegations of violating foreign exchange regulations and manipulation. Recently, market regulator SEBI had also banned the company and its chairman from the share market. Actual gold found 40% less than stock According to ED, the physical stock found on site was 40% less than the gold shown in the company’s accounts. Besides this, the investigation also revealed that shares of Rajesh Exports Limited were traded multiple times through benami holders. Through this entire manipulation, approximately $20 million, or around ₹190 crore, have been illegally sent out of the country. ₹3,000 crore suspicious import and secret investment in African mines ED is currently investigating three matters: SEBI’s Allegation: Showed Fake Revenue of ₹15.15 Lakh Crore Rajesh Exports’ Revenue (in crore rupees)