India’s ED raids nine Rajesh Exports-linked sites in Bengaluru and Mumbai over alleged forex violations

India’s Enforcement Directorate raided nine locations linked to Rajesh Exports in Bengaluru and Mumbai as part of an investigation into alleged forex violations. Investigators found the company’s physical gold inventory was about 40% lower than what was recorded in its books and flagged suspected benami shareholdings as well as adjustments of trade receivables and payables of nearly ₹3,000 crore. Sebi had previously alleged the company overstated consolidated revenue by more than ₹15 lakh crore over a five-year period. The developments have raised questions over confidence in the gold trading chain but do not point to changes in global gold supply-and-demand fundamentals.