ED raids Rajesh Exports over Rs 600 cr manipulation probe, 40% stock mismatch and zero CFO salary since 2020
Enforcement Directorate has raided gold and jewellery exporter Rajesh Exports, flagging Rs 600 crore suspected share price manipulation, a 40% stock mismatch and missing foreign transaction records. Executive pay irregularities — MD drawing Rs 17,000/month, CFO unpaid since 2020 — surface against Rs 7.7 lakh crore reported revenue, after SEBI barred promoters for misreporting.
What happened
ED has raided gold and jewellery exporter Rajesh Exports over irregular executive pay, suspected Rs 600 crore share price manipulation, missing foreign
Key facts
- Rs 7.7 lakh crore revenue
- Rs 17,000/month MD pay
- Rs 600 crore manipulation probe
- 40% stock mismatch
- CFO no salary since 2020
Why this matters
Rajesh Exports is now a distressed-asset watch — any inbound on gold/jewellery export consolidation should price in forensic audit costs, promoter overhang and potential asset attachment before engagement.
What to watch
- ED provisional attachment order under PMLA within 30 days
- Statutory auditor resignation or qualified opinion
- SEBI expanding promoter ban to trading suspension
- Bank disclosure of NPA/fraud classification on Rajesh exposure
- DGFT suspension of star export house status
- Independent director resignations cascading
- Forensic audit appointment by NCLT or lenders
- Short Rajesh Exports on bounces; price-to-revenue already absurd at Rs 7.7 lakh cr claimed turnover vs market cap
- Pull DGFT export data and GST filings to triangulate the 40% inventory gap — likely circular trading with Dubai/Hong Kong shell entities
- Map banking exposure: which PSBs hold gold loan / packing credit lines; expect provisioning hits
- Flag peer gold exporters with similar revenue-to-margin anomalies and unpaid KMP salaries as red flags
- Brief compliance: any counterparty exposure to Rajesh Exports' bullion supply chain needs immediate review