Back to Markets
Commodities● Neutral
ED Raids Rajesh Exports Over Gold Mismatch, ₹3,000 Crore Trade Receivables
The Enforcement Directorate found physical gold stock 40% lower than books, and examined ₹3,000 crore in trade receivables adjusted against suspicious gold imports.
Continue with
The Enforcement Directorate on Tuesday searched nine premises linked to Rajesh Exports Ltd. in Bengaluru and Mumbai, widening an investigation that already includes a Sebi interim order alleging the jeweller misstated nearly all its revenue for five years.
Search teams found physical gold stock roughly 40% lower than the amount recorded in the company's books, an ED official said on condition of anonymity. The shortfall was detected during verification at the premises searched.
The agency also examined what it called suspicious adjustments involving roughly ₹3,000 crore in trade receivables. According to the official, those receivables were set off against gold imports whose delivery is under scrutiny. Four to five UAE-based entities with what the official called "dubious credentials" were involved in the adjustments.
Preliminary findings suggest more than $20 million may have been moved out of India through benami share transactions in Rajesh Exports stock, the official said. Searches were ongoing when this report was filed.
The Gold Inventory Gap
The 40% discrepancy between declared gold inventory and physical stock is a central focus. "Physical verification carried out during the searches has shown that the gold stock found was around 40% lower than the stock reflected in the books," the official said. Investigators are working to determine whether the missing metal was sold, pledged, or otherwise diverted.
The Trade Receivables Puzzle