Outlook Business6-25

India’s ED alleges 40% gold stock shortfall at Rajesh Exports, flags ₹1,035 crore Africa investment without records

India’s Enforcement Directorate (ED) said it searched nine Rajesh Exports-linked locations and found a roughly 40% gap between recorded gold inventory and physical stock. The agency also said it found no supporting records for a purported ₹1,035 crore investment in African mining assets, and flagged suspected siphoning of more than ₹600 crore via share transactions using NRI benamidars, according to the ED. The findings follow action by market regulator Sebi, which has barred the company and promoter-chairman Rajesh Mehta from the securities market pending further investigation and alleged the firm overstated revenue by about ₹15.15 lakh crore between FY21 and FY25.

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