Rajesh Exports: Who is Rajesh Mehta? SEBI action triggers mystery around Rajesh Exports case

By Samira Vishwas On Jun 4, 2026

New Delhi: The Securities and Exchange Board of India (SEBI) has barred Rajesh Mehtafounder of Rajesh Exportsfrom dealing in company shares following preliminary findings of serious financial irregularities. The move comes after an interim order that spans 109 pages and details concerns over the company’s reported financial disclosures.

Allegations of inflated revenue

According to SEBI’s observations, the regulator found indications that a significant portion of Rajesh Exports’ Revenue may have been overstated. The report suggests that nearly 97% to 99% of the company’s reported sales could be inflated. The regulator described the alleged discrepancies as “egregious and unheard of” in its initial assessment.

Background of Rajesh Mehta and company

Rajesh Mehta, aged 60 and based in Bengaluru, founded Rajesh Exports in 1989. Starting with trading in precious metals, he expanded the business into jewelery manufacturing and gold refining, eventually building it into a global player in the gold industry.

The company operates across the value chain, from sourcing raw gold to refining and exporting finished products. A major milestone came in 2015 when it acquired Valcambi, a Switzerland-based gold refinery among the largest in the world.

Financial scale and market reaction

Rajesh Exports reports annual revenue of about $39.2 billion, alongside a net income of $153.2 million. The company’s market valuation stands near Rs 9,829 crore.

Following the SEBI order, shares linked to Rajesh Exports Saw pressure in the market. LIC, which holds around 10.8% stake in the company, also witnessed a decline of nearly 1% in its related exposure.

Investor concerns

Market participants have raised concerns that the alleged revenue discrepancies, if proven, could significantly impact the company’s valuation and investor confidence. The investigation remains ongoing as SEBI continues its scrutiny into the firm’s financial disclosures and operations.