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.
SEBI issued an interim order banning Rajesh Exports chairman Rajesh Mehta from securities markets, alleging Rs 15.15 lakh crore revenue misrepresentation and fund diversion across FY21-FY25. The gold-jewellery major's shares fell 5%; LIC, holding 10.8%, also dropped.