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Informist, Wednesday, Jun. 24, 2026

 

--ED searches Rajesh Exports' Bengaluru, Mumbai offices for FEMA violation 

--ED seizes documents, digital evidences from Rajesh Exports' offices 

--ED: Rajesh Exports failed to produce documents of invest in African mines 

 

MUMBAI – The Directorate of Enforcement Wednesday said it conducted search and seizure operations at nine premises of Rajesh Exports Ltd. in Mumbai and Bengaluru for alleged contravention of The Foreign Exchange Management Act, 1999. The agency seized various incriminating documents and digital evidences during the operations, as per its press release.

 

The agency said Rajesh Exports was unable to provide records and documentation pertaining to its INR 10.35 billion investment in African mines. The company also failed to produce documents pertaining to its imports, exports, overseas investments, and the settlement of foreign trade receivables and payables. The agency said it was unable to verify the genuineness of these transactions.

 

The agency said it had found that Rajesh Exports was engaged in setting off trade payables and receivables from suspicious foreign parties in the United Arab Emirates and other overseas jurisdictions. The agency observed opaque netting of large foreign trade payables of around INR 30 billion. 

 

The agency noted a difference of about 40?tween the stock recorded at the company's factory register and the actual stock found on the premises. It also found that the company's chief financial officer had not received any salary since 2020 and the managing director was paid only about INR 17,000 per month.

 

The agency noted that there were suspicious block trades in the Rajesh Exports scrip executed by certain individuals. The names of those individuals also figured in the leaks released by the International Consortium of Investigative Journalists, the agency said in the press release. This indicated possible offshore links which the agency is currently examining. The agency noted that over INR 6 billion was siphoned out of India through share manipulation using benami non-resident holders.  End

 

Reported by Prateem Rohanekar

Edited by Rajeev Pai

 

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