India financial crime agency flags forex breaches, missing records at Rajesh Exports

June 24, 2026

India's ​financial-crime agency said on Wednesday it ‌found suspected foreign exchange violations at Rajesh Exports, including missing foreign transaction records and stock ​discrepancies.

The Enforcement Directorate (ED) probe follows an investigation ​by India's markets regulator into the gold ⁠company, which alleged that the firm ​overstated revenue at its Swiss refining unit Valcambi by $159 ​billion, a figure unprecedented in India's accounting probes.

In a statement, the ED said searches conducted at ​nine locations in Mumbai and Bengaluru ​on Tuesday found set-offs of trade payables and receivables ‌of ⁠about 30 billion rupees ($316.91 million) involving suspicious foreign parties based in the UAE and other jurisdictions.

The agency also found missing ​records of ​foreign ⁠transactions.

"Contemporaneous records and documentation of claimed investment of 10.35 billion rupees ($109.33 ​million) into African Mines were ​neither ⁠found nor provided by the company as yet," the ED said.

The agency also flagged ⁠suspicious ​block trades and share ​price manipulation.

[Reuters]