Congress party is raising alarm over inaction from economic watchdogs like Enforcement Directorate (ED) and Serious Fraud Investigation Office (SFIO) after troubling findings of alleged financial misconduct at Rajesh Exports. Interim results from Securities and Exchange Board of India (SEBI) suggest financial misrepresentation on a massive scale . Could be one of India's biggest corporate scandals.
At press conference June 5, 2026, Pawan Khera,head of Congress media, spotlighted irregularities involving reported revenues of about ₹15.15 lakh crore . Said findings show big discrepancies. And failures in government's regulatory system . Called it a “crony capitalist model” threatening economy .
Amid the fallout,Rajesh Exports' shares slipped for second straight day, hitting 5% lower circuit. Khera slammed SEBI's findings as severe critique of government's regulatory setup. Wondered why ED,CBI, and Financial Intelligence Unit (FIU) stayed silent despite the alleged scale .
Khera asked, “Why did the ED that works 24x7 against Opposition not raise any red flag?” He also criticized SEBI's seven-month delay in acting on a complaint about the company. SEBI's interim order showed 97% to 99% of Rajesh Exports' reported revenues came from overseas and step-down subsidiaries during studied period.
He pointed out SEBI's probe zeroed in on Valcambi SA, claimed by Rajesh Exports as main operating business . Investigation found discrepancies in revenue reports. Khera alleged SEBI investigators and forensic auditors were blocked from accessing key documents, like transaction records and inventory details. Company cited Swiss confidentiality laws as reason.
Khera emphasized impact on investors, saying ordinary shareholders faced big losses with company's market value plummeting over three years . He demanded central government accountability if allegations hold…
