The Enforcement Directorate carried out searches on Tuesday at nine locations connected to gold exporter Rajesh Exports Ltd in Bengaluru and Mumbai. The action forms part of an inquiry into alleged financial irregularities at the company. Early findings point to suspected benami share deals, a large gap in gold stock levels, and questionable foreign transactions.
Sources said investigators found indications of multiple share trades through alleged proxies, which may have allowed more than 20 million dollars to be moved abroad.
The operation also uncovered a major difference in gold holdings, with physical stocks reportedly about 40 percent below the amounts listed in the company’s records.
