The Enforcement Directorate has begun searches at several locations connected to Rajesh Exports in Bengaluru. The moves come after a recent SEBI interim order highlighted large alleged financial irregularities, such as overstated revenue of ₹15.15 lakh crore. Investigators are reviewing company records and transaction details involving the firm and its promoters.
Teams have been present at the sites since early Wednesday. The probe aims to find signs of money laundering or fund misuse, drawing on details from the regulator’s 109-page interim order.
SEBI’s June 2026 order cited non-genuine transactions and governance issues at the jewellery company. It claimed nearly 99 percent of consolidated revenue from FY21 to FY25 lacked proper documentation. The order also alleged that funds were moved through promoter accounts for unauthorized trading. Both the company and its auditors reportedly failed to supply required records, delaying the audit.
Rajesh Exports stated the order is interim and not a final finding of misconduct. Promoters described the issues as a communication gap on accounting standards and said they will cooperate. The company’s share price has seen sharp swings and reached 52-week lows after the order.
