Before Sebi's Rs 15 Lakh Crore Allegation, Rajesh Exports Had Already Raised Red Flags
- Rajesh Exports Limited is under investigation by SEBI for allegedly inflating revenues worth Rs 15.15 lakh crore through its subsidiaries between FY21 and FY25, leading to a forensic audit and restrictions on promoter-chairman Rajesh Mehta from the securities market.
- Auditors PV Ramana Reddy & Co and BSD & Co have been criticized for failing to detect multiple questionable transactions and discrepancies in revenues during FY21 to FY24, while not cooperating with SEBI's inquiry.
15 Articles
15 Articles
Meet Rajesh Mehta, gold exporter whose company is under the scanner of SEBI
While Rajesh Exports came under SEBI scanner in 2024, many analysts and investors have been voicing suspicions about the extraordinarily high revenues, cash balances, and subsidiary opacity. Some even compared the story of Rajesh Exports to the Geetanjali Gems collapse, a major jewellery export scam.
Before Sebi's Rs 15 lakh crore allegation, Rajesh Exports had already raised red flags
Sebi's interim order against Rajesh Exports has brought fresh scrutiny to its reported revenues and subsidiary disclosures. The action has revived years of public questions over how the company matched vast turnover with thin profits.
Explained: Sebi's Rs 15.15 lakh crore revenue inflation allegations against Rajesh Exports
Rajesh Exports has come under intense scrutiny after Sebi accused the company and its promoter of inflating revenues, misclassifying personal transactions as corporate sales and diverting company funds. The regulator's interim findings have raised serious governance concerns, though the company has strongly denied the allegations and defended its financial reporting.
Fictitious trades, opaque netting and no supporting documents: How auditors of Rajesh Exports failed to flag inconsistencies
PV Ramana Reddy, the proprietor at PV Ramana Reddy & Co, and PL Venkatadri, partner at BSD & Co, provided audit services to Rajesh Exports during the investigation period between FY21 and FY24
Mumbai: LIC, the country's largest life insurance company, is facing a big challenge. It has been reported that LIC, which has earned the trust of millions of policyholders, has run into trouble with its investment worth hundreds of crores of rupees in a private company. Due to this, investors are expressing concern. According to the information received, LIC has about 10.80 percent stake in the company Rajesh Exports. LIC had invested about Rs …
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