Missing records, Africa assets, MD salary Rs 17,000: Rajesh Exports under ED lens | India News
Potential FEMA violations and missing records raise concerns about financial irregularities.
The Enforcement Directorate (ED) has conducted searches at nine premises linked to Rajesh Exports Ltd in Bengaluru and Mumbai, uncovering potential violations of the Foreign Exchange Management Act (FEMA). The investigation revealed inconsistencies in financial records, including a purported investment of Rs 1,035 crore in African mines with no supporting documentation, discrepancies between physical inventory and company records, and suspicious share manipulation involving NRI benamidars. The ED also questioned the remuneration structure of key personnel, noting that the CFO has not received a salary since 2020 and the Managing Director was paid only Rs 17,000 despite the company's reported revenues of Rs 7.7 lakh crore. The agency is examining these findings in conjunction with previous allegations by Securities and Exchange Board of India (SEBI) that Rajesh Exports overstated its revenues.
24 JUN 2026
— NDTV
Rs 17,000 Salary For Managing Director: New Details In Rajesh Exports Probe
· THIS STORY — Indian Express
The Enforcement Directorate (ED) is investigating Rajesh Exports Ltd. for potential violations of FEMA, including inconsistencies in financial records and suspicious share manipulation.
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