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Rajesh Export Scam: Stock market regulator SEBI issued a strict interim order against India’s most famous and renowned jewelery company Rajesh Exports Limited (REL) and its Chairman and Managing Director, Rajesh Mehta. According to the information, there are serious allegations against this well-known company of fraudulently increasing the revenue to ₹ 15.15 lakh crore between the financial years of 2021 and 2025 and misusing funds. But, the company clearly refused to accept these allegations. And then after this case, there was a huge fall in the shares of the company. In such a situation, we will tell you some things which will surprise you.

Know what is the whole matter?

According to the information, SEBI’s whole-time member Kamlesh Chandra Varshney issued a 109-page interim order. SEBI’s investigation revealed that the company made fraudulent transactions, used dubious accounting practices and diverted company funds through companies linked to the promoter group. Due to these serious financial irregularities, SEBI has barred Rajesh Mehta from buying, selling or dealing in securities of REL till further orders. SEBI believes that Mehta is the main decision maker in the company and has complete control over the day-to-day functioning of the company.

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Who is Rajesh Mehta?

For your information, let us tell you that 60 year old Rajesh Mehta was born on June 20, 1964 in Bengaluru. In the early 1980s, he started a silver jewelery business with his brother Prashant by borrowing just ₹1,200 from his eldest brother. In 1995, the company entered the capital market by launching an IPO and raising ₹10 crore. The company received major global recognition in 2015 when it purchased Swiss refinery Valcambi in a $400 million all-cash deal. According to Forbes, as of October 2019, Mehta’s net worth was estimated at $1.57 billion.

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The post Rajesh Export Scam: India’s biggest corporate fraud! Who is Rajesh Mehta, the fraudster of Rs 15.15 lakh crore? Know the whole truth appeared first on Latest.