India's ED raids Rajesh Exports, flags 3,000 crore irregularities

India's Enforcement Directorate has disclosed a series of findings from a major investigation into Rajesh Exports Ltd, one of the country's largest gold exporters and jewelry manufacturers, alleging significant financial irregularities and potential violations of foreign exchange laws. The federal agency conducted search and seizure operations at nine locations linked to the company in Bengaluru and Mumbai on Tuesday, June 23, 2026.

In a statement issued on Wednesday, the agency said the probe, conducted under the Foreign Exchange Management Act, uncovered multiple issues. A primary concern was the alleged non-availability of records related to the company's foreign transactions, including imports, exports, and overseas investments. The ED specifically cited a claimed investment of 1,035 crore rupees into African mines, for which it said contemporaneous documentation was neither found nor provided by the company.

The investigation also flagged what it described as opaque adjustments of foreign trade receivables and payables worth approximately 3,000 crore rupees involving suspicious foreign parties based in the UAE and other jurisdictions. During physical searches, officials...