SEBI alleges Rajesh Exports inflated revenue by $159B via Swiss unit Valcambi over five years

Indian gold refiner-retailer accused of booking 15.15 trillion rupees in fictitious sales through Valcambi between FY20-FY25, alongside sham African mine investments and 114 billion rupees in bogus broker trades. Stock fell 10%; LIC holds 11%. Company denies wrongdoing.

— Source publishedFri, 5 Jun, 2026, 15:20 IST·First seen Fri, 5 Jun, 2026, 15:30 IST·Source ET Small Business

What happened

SEBI alleges gold refiner-retailer Rajesh Exports inflated revenue by $159 billion via Swiss unit Valcambi between 2020-2025, plus fictitious African mine

Key facts

  • $159 billion
  • 15.15 trillion rupees
  • $70-100 million standalone revenue
  • 10% share fall
  • 11% LIC stake
  • 10.35 billion rupees Africa mines
  • 114 billion rupees fictitious trades
  • $400 million Valcambi acquisition

Why this matters

Valcambi's entanglement makes any Swiss refining asset touched by Rajesh Exports radioactive for M&A diligence, but distressed carve-outs of legitimate downstream retail doors could surface at compelling multiples if the parent is forced into restructuring.