ED Conducts Raids on Rajesh Exports Amid SEBI Investigation

The Enforcement Directorate has launched searches at Rajesh Exports' premises in connection with an ongoing investigation by SEBI. Allegations include significant financial misrepresentation, with claims of inflated revenues amounting to Rs 15.15 lakh crore. Rajesh Exports has denied any wrongdoing, asserting that their revenue figures are accurate and that they are working to resolve any misunderstandings with SEBI. The investigation was prompted by a shareholder complaint regarding outstanding trade receivables, leading to a formal inquiry covering several fiscal years. This situation continues to unfold as both parties navigate the complexities of the allegations.

By Narendra Chaudhary Jun 23, 2026, 17:58 IST

Enforcement Directorate's Actions Against Rajesh Exports

The Enforcement Directorate (ED) has initiated searches at various locations associated with Rajesh Exports following an interim order issued by the Securities and Exchange Board of India (SEBI) against the company and its promoter, Rajesh Mehta. According to officials, these operations are taking place in Mumbai and Bengaluru, conducted under the provisions of the Foreign Exchange Management Act (FEMA).

In June 2026, SEBI accused Rajesh Exports of inflating revenue figures by approximately Rs 15.15 lakh crore over several years. The company and its chairman have refuted these allegations, asserting that they have not engaged in any wrongdoing, and the investigation is still ongoing.

SEBI's interim ex-parte order against Rajesh Exports and its Chairman, Rajesh Mehta, was based on preliminary findings of financial misrepresentation, irregularities in fund routing, and a lack of cooperation during the investigation.

In response to the allegations, Rajesh Exports stated that their reported revenues are accurate and that there is "no overstatement of revenues." The company indicated that there appears to be a misunderstanding between SEBI and itself, and it is working to clarify all matters by providing the necessary documentation.

Rajesh Exports came under SEBI's scrutiny after a shareholder lodged a complaint in March 2024, raising concerns about significant outstanding trade receivables recorded in the company's accounts. Following this complaint, SEBI commenced a formal investigation covering the period from April 2020 to March 2024 and appointed BDO India Services as a forensic auditor.

SEBI's order indicated that Rajesh Exports misrepresented consolidated revenues totaling around Rs 15.15 lakh crore, which accounts for 99.80 percent of the total consolidated revenue for the fiscal years 2020-21 to 2024-25.