Addressing a press conference, Congress leader Pawan Khera cited SEBI’s interim order, which reportedly found that around Rs ₹15.15 lakh crore of consolidated revenues reported by Rajesh Exports between FY21 and FY25 could not be adequately verified through underlying records and supporting documentation
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The Congress on Thursday raised a series of questions for the government following market regulator SEBI’s interim findings against gold refiner and exporter Rajesh Exports, alleging that the case points to one of the biggest instances of financial misrepresentation in India’s corporate history.Addressing a press conference, Congress leader Pawan Khera cited SEBI’s interim order, which reportedly found that around ₹15.15 lakh crore of consolidated revenues reported by Rajesh Exports between FY21 and FY25 could not be adequately verified through underlying records and supporting documentation.The opposition party questioned how a listed company could report revenues running into lakhs of crores over several years if the underlying transactions and records were allegedly unavailable for verification. It also sought to know what role agencies such as the Financial Intelligence Unit, Serious Fraud Investigation Office, Enforcement Directorate, CBI and SEBI played in monitoring the company’s overseas subsidiaries, which reportedly accounted for 97-99 per cent of the group’s revenues during the period under scrutiny.Congress further asked why alleged warning signs related to receivables, subsidiary disclosures and transaction verification were not detected earlier despite years of public filings. Referring to the company’s stock performance, the party claimed that Rajesh Exports’ share price had fallen sharply from earlier highs, hurting retail investors, while institutional investors had exited before SEBI’s findings became public.The party also sought clarification on whether any complaints, whistleblower inputs or regulatory red flags relating to the company had been brought to the government’s attention before SEBI launched its investigation. It asked whether the Prime Minister, Home Minister, Finance Minister and Commerce Minister would take responsibility for what it described as a major breach of trust affecting small investors.Overseas operationsAccording to the Congress, SEBI’s investigation focused on the company’s overseas operations, particularly Swiss gold refinery Valcambi SA, after complaints regarding large receivables that remained unpaid for years. The regulator’s interim order reportedly flagged significant discrepancies between revenues reported by Valcambi and those reflected in the consolidated accounts of Rajesh Exports. SEBI is also understood to have raised concerns over investments in African mining assets, certain transactions involving Affluence Shares and Stocks Pvt Ltd, and the alleged routing of company-related funds through promoter accounts.The party said the findings raise broader questions about regulatory oversight and investor protection, and called for greater transparency in the handling of the case. Rajesh Exports has not publicly responded to the Congress’ latest allegations. SEBI has ordered a fresh forensic audit and imposed interim restrictions on the company’s promoter, according to the regulator’s order.“The Indian public deserves to know whether this was merely a case of corporate misreporting or whether deeper failures of regulatory oversight allowed such alleged discrepancies to persist for years,” Khera asked..Published on June 5, 2026
