SEBI flags ₹15.15 trillion accounts misstatement at Rajesh Exports; promoter barred

SEBI's interim order alleges India's largest gold jewellery exporter misrepresented 99.8% of subsidiary revenue across FY21-FY25, with the probe centred on Swiss arm Valcambi's accounts mismatch. Promoter Rajesh Mehta has been barred from trading.

— Source publishedWed, 3 Jun, 2026, 20:53 IST·First seen Thu, 4 Jun, 2026, 11:24 IST·Source Mint

What happened

SEBI's interim order alleges Rajesh Exports, India's largest gold jewellery exporter, misrepresented ₹15.15 trillion (99.8%) of subsidiary revenue across

Key facts

  • ₹15.15 trillion
  • 99.8%
  • 97-99%
  • less than 0.5%
  • FY21-FY25

Why this matters

Any Valcambi carve-out, refinancing, or strategic transaction is off the table until SEBI's interim order is contested and restated financials emerge—pivot to defensive posture, forensic audit support, and contingency planning for asset ring-fencing.