ED Flags Forex Irregularities at Rajesh Exports

India’s Enforcement Directorate (ED) has identified suspected foreign exchange violations at Rajesh Exports following searches conducted at multiple locations in Mumbai and Bengaluru. The agency reported missing records related to foreign transactions and raised concerns over discrepancies in stock and financial documentation.

The investigation stems from an earlier probe by India’s market regulator, which alleged that Rajesh Exports overstated revenue at its Swiss refining subsidiary, Valcambi, by approximately $159 billion. The case has drawn significant attention due to the unprecedented scale of the alleged accounting irregularities.

According to the ED, the searches uncovered trade payable and receivable adjustments worth around ₹30 billion involving suspicious overseas entities, including firms based in the UAE. The agency also flagged the absence of documentation for a claimed ₹10.35 billion investment in African mines and raised concerns about suspicious block trades and possible share price manipulation.

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