ED searches Rajesh Exports in Bengaluru after SEBI flags Rs 15.15 lakh crore misstatement

Enforcement Directorate raided Rajesh Exports' Bengaluru premises following a SEBI interim order alleging financial misstatements of Rs 15.15 lakh crore. The gold and jewellery major contests the findings, citing subsidiary Valcambi's global bullion business as the source of its outsized revenues.

— FiledThu, 25 Jun, 2026, 01:48 IST·First seen Thu, 25 Jun, 2026, 01:46 IST·Source Moneycontrol · Results

What happened

ED searched Rajesh Exports' Bengaluru premises following SEBI's interim order flagging alleged financial misstatements of Rs 15.15 lakh crore. The gold exporter

Key facts

  • Rs 15.15 lakh crore

Why this matters

Treat Rajesh Exports and its Valcambi subsidiary as distressed-watch targets where regulatory overhang could open carve-out or control-stake conversations on favourable terms.

What to watch

  • SEBI final order vs interim order language
  • ED PMLA ECIR registration or asset attachment notices
  • Valcambi Swiss regulator (FINMA) commentary or ring-fencing
  • Auditor resignation or qualified opinion
  • Promoter pledge disclosures and block deals
  • Bullion bank counterparty line cuts to Rajesh/Valcambi
  • Track Rajesh Exports clarification filings and auditor (statutory + Valcambi) commentary
  • Map lender exposure: SBI, working capital gold metal loans, and any covenant triggers
  • Stress-test reported revenue ex-Valcambi to gauge true India jewellery franchise size
  • Monitor peer read-through to Titan, Kalyan, Senco on gold trade transparency narrative
  • Watch for index/ETF exclusion risk and MSCI/FTSE review notes

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