India probe finds Rajesh Exports paid managing director $180 a month
One-ounce gold bars at the Valcambi SA precious metals refinery in Balerna, Switzerland, on Friday, September 9, 2025. Valcambi SA, Switzerland’s largest refinery, processes up to 2,000 tonnes of precious metals annually at its facility in Balerna, on the Italian border. Photographer: Francesca Volpi/Bloomberg via Getty Images
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Indian authorities have uncovered numerous accounting and operational irregularities at one of the country’s largest gold companies. Rajesh’s ExportsThat’s weeks after market regulators raised concerns about the company’s reported revenue, according to a study published Wednesday.
In a statement made by the Enforcement Directorate, it was stated that the Bengaluru-based company, which also owns the major Swiss gold refinery Valcambi, reported consolidated revenues of over 7.7 trillion rupees ($81 billion) last year.
The chief executive is paid a monthly salary of 17,000 rupees (about $180) and the chief financial officer has not received a salary since 2020, the agency said.
“The company’s key business indicators showed significant deviations from normal business practices,” the agency said.
The company’s shares fell nearly 5% on Thursday before reaching the lower trading limit set by the exchange, LSEG data showed.
The investigation, during search and seizure operations at the company’s offices in Bengaluru and Mumbai, revealed inadequate records of the firm’s foreign transactions, accounting discrepancies totaling Rs 30 billion, allegations of stock manipulation and under-reporting of its physical gold inventory by nearly 40%.
Earlier this month, the Securities and Exchange Board of India in a separate investigation found: 97% to 99% of the company’s revenues It looked bloated. The regulator described the revenue shortfall as “appalling and unheard of” and issued a statement seeking explanations.
Rajesh Exports had said in its response: “never allowed false reporting and all of their filings and financial figures, including their income, are true and accurate.”
CNBC has reached out to Rajesh Exports and Valcambi for comment and is awaiting a response.
Rajesh Exports is a gold refiner and manufacturer of a wide range of gold products. It exports gold jewelery and gold products from Switzerland, India and Dubai.
