SEBI bars Rajesh Exports CEO Rajesh Mehta over alleged Rs 15 lakh crore revenue misrepresentation

Rajesh Exports’ CEO Rajesh Mehta. PIC/X/@Deb_livnletliv

Gold refiner and jewellery manufacturer Rajesh Exports Ltd (REL) allegedly inflated its consolidated revenues by more than Rs 15 lakh crore over five years by attributing massive revenues to overseas subsidiaries, despite the subsidiary's audited standalone financial statements showing only a fraction of those amounts, according to an interim order by Securities and Exchange Board of India (SEBI).

Accordingly, SEBI barred Rajesh Exports' promoter and CEO Rajesh Mehta from dealing in the company's securities, alleging large-scale misrepresentation of financial statements and diversion of funds. Rajesh Exports denied any financial irregularities, saying its revenues were correct and that there seemed to be a communication gap.

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