Rajesh Exports News: What big revelation did Congress MP Jairam Ramesh make about Rajesh Exports? What is hidden in SEBI report? In which crores of rupees were played?
Money and Gold Scam: Congress MP Jairam Ramesh on Thursday expressed serious concern citing a recent interim report of the Securities and Exchange Board of India (SEBI). This report has alleged large scale financial irregularities in Rajesh Exports. Ramesh has also questioned the role of Life Insurance Corporation of India (LIC), which he claims has a major stake in the company.
Jairam Ramesh made 5 dangerous revelations
In his ‘X’ post, Ramesh said that SEBI in its interim report dated June 3 has alleged a “big scam” in Rajesh Exports. This company is involved in the business of gold refining and jewellery.
1. The Congress MP said that the market regulator has alleged large-scale manipulation of revenues in the period from 2020-21 to 2024-25, the amount involved could be up to Rs 15 lakh crore. He also said that the investigation is still going on and the final report is awaited.
2. Jairam Ramesh said, “SEBI, in its interim report dated June 3, 2026, has alleged a major scam in a high-profile company named Rajesh Exports, which is in the business of gold refining and jewellery.
3. Sebi says there has been massive misstatement of revenues over the five-year period from 2020/21 to 2024/25, which could amount to a staggering Rs 15 lakh crore. This is a shocking figure, investigation is ongoing and the final report is awaited.
4. The Congress MP further claimed that LIC has about 10.8 percent stake in Rajesh Exports and banks have also invested a lot of money in the company. Questioning LIC’s investment in the company, the Congress leader asked how the insurance company failed to detect such huge alleged irregularities in the firm in which it holds a substantial stake.
5. Jairam Ramesh further said, “What is particularly disturbing is that LIC holds about 10.8% stake in Rajesh Exports. Banks also have a lot of money invested in this clearly politically influential company. How did LIC fail to detect such a huge fraud taking place in a company in which it has such a huge stake? This raises the question whether LIC had bought this stake on the instructions of the ruling ecosystem.