Rajesh Mehta
Rajesh Mehta, once the country’s biggest gold trader and known as ‘Gold King’, seems to be in big trouble today. Market regulator SEBI imposed a major ban on Rajesh Exports and its promoter Rajesh Mehta on the evening of June 3, accusing them of financial irregularities of Rs 15.15 lakh crore. The effect of this step of SEBI was immediately visible on the shares of the company. As soon as the market opened on the morning of June 4, the share of Rajesh Exports reached Rs 103.92 with a lower circuit of 5 percent.
Rajesh Mehta has completely rejected these allegations. According to the Moneycontrol report, he said that this is just an interim order and the allegations made in it are not true. He says that the company is studying the order and will give its reply soon. This development has raised many questions among investors and market experts. After all, how did the person, who started his business from a small garage and built one of the world’s largest gold refining companies, reach the center of this huge controversy today?
What is the whole controversy?
Rajesh Mehta, who was once known as the ‘Gold King’ of the country, is in serious trouble today. The businessman who started from a small garage and built a business worth billions of rupees, has now been accused of huge irregularities in the financial data. Indian SEBI has barred him and his company from doing business in the stock market. SEBI alleges that the company inflated the revenue of about Rs 15.15 lakh crore during the financial year 2020-21 to 2024-25. This amount is said to be approximately 99.80 percent of the total value stated by the company. Apart from this, the investigating agency has also accused the company of not fully cooperating in the investigation.
Considering the seriousness of the matter, SEBI has ordered a new forensic audit of the company. After this action, concern has increased among investors and many people are selling their shares. On the other hand, Rajesh Mehta is preparing to challenge this decision legally. However, this controversy has dealt a major blow to the credibility of his decades-old business empire.
The journey started from the garage
Rajesh Mehta’s success story is no less than a film. He started a small scale business in 1989 with his brother Prashant Mehta. Initially he used to buy gold jewelery from Chennai and sell it in Rajkot, Gujarat. Gradually he expanded his business and reached many big cities. In the same year he started manufacturing gold jewelery from a small garage in Bengaluru. On the basis of hard work and business acumen, his business grew rapidly and his products reached international markets like Britain, Dubai, Oman, Kuwait, America and Europe. The company’s revenue by March 2026 has been recorded at Rs 2,516 crore.
Journey to the world’s largest gold refiner
Rajesh Mehta’s company became one of the largest exporters of gold products from India. In 2015, he attracted the attention of the global industry by acquiring Switzerland’s famous gold refining company Valcambi SA. After this his business started operating from India, Switzerland and Dubai. The company is counted among the world’s largest gold refining companies. Its modern refining unit has the capacity to produce 2,400 tonnes of gold products annually and its business is spread in more than 60 countries.
Made place in Forbes list
Rajesh Mehta is the founder and chairman of the company and has also been handling the responsibilities of finance and marketing. His success can be gauged from the fact that in the year 2019, Forbes estimated his wealth at 1.57 billion dollars, which is currently equivalent to about Rs 14,915 crore.
