Rajesh Exports, an Indian jewellery company reported fake revenue of ₹15.15 lakh crore for 5 years between FY21 to FY25. Simply put, 99% of its revenue was fake!
It reported massive revenues from overseas subsidiaries like the Swiss entity Valcambi SA. There were no invoices, no customer details, no inventory, no confirmations.
Funds diverted to promoter-linked entities without proper approvals or disclosures.
June 3, 2026 SEBI’s 109-page order banned Promoter & Executive Chairman Rajesh Mehta and the company from the markets.
Stock crashed 80% - Shareholder wealth worth ₹12,726 crore was eroded in a single session. As always it is the small investor who pays the price for these massive frauds.
LIC invested over ₹2,000 crore in the company and when the stock crashed, LIC lost almost ₹1,600 crores - which is money that belongs to common Indians.
This fraud went on for 5 years - right under the nose of the Modi govt, with the Prime Minister clicking photographs with Rajesh Mehta.
That tells the extent of crony capitalism in India, the conflict of interest and the track record of the Modi govt and of the Prime Minister in checking corrupt practices.
windlers and fugitives from the law continue to flee overseas from right under Mr Modi’s nose - and none of them have been brought back to India in the last 12 years.
Other than being photographed with Rajesh Mehta - what steps has the PM taken to protect and restore hard earned savings of the large numbers of small investors who have lost their lives savings in this scam.
His hollow and fake words “ना खाऊँगा, ना खाने दूँगा” ring aloud, yet again!
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