SEBI bans Rajesh Exports chairman over alleged Rs 15.15 lakh crore revenue fraud; LIC exposed
A 109-page SEBI interim order accuses Rajesh Mehta of misrepresenting Rs 15.15 lakh crore in revenue across FY21-FY25 — 99.8% of consolidated topline — and diverting funds. REL shares fell 5% and LIC, holding 10.80%, slid 1%. The Bengaluru-based gold major had acquired Swiss refiner Valcambi for $400M in 2015.
What happened
SEBI issued an interim order banning Rajesh Exports chairman Rajesh Mehta from securities markets, alleging Rs 15.15 lakh crore revenue misrepresentation and
Key facts
- Rs 15.15 lakh crore revenue alleged misrepresentation FY21-FY25
- 99.8% of consolidated revenue flagged
- 109-page SEBI order
- LIC holds 10.80% stake
- REL shares down 5%
- LIC shares down 1%
- Valcambi acquired for $400 million in 2015
Why this matters
Valcambi, acquired for $400M in 2015, is now the cleanest asset in a tainted parent — expect Swiss regulators to ring-fence it and global refiners to circle for a distressed carve-out.