ED raids Rajesh Exports over $20m benami deals

Bengaluru: As many as nine premises of Rajesh Exports Limited (REL) in Bengaluru and Mumbai were searched by the ED under the Foreign Exchange Management Act (FEMA). The agency found suspected benami share trades, $20 million siphoned abroad, and a 40% gold inventory gap during the raids.

Investigators are examining Rs 3,000 crore receivables tied to questionable gold imports, unrecorded Rs 1,000 crore African mining investments, and UAE-linked entities.

The action follows SEBI’s Rs 15.15 lakh crore revenue inflation allegation, raising the likelihood of MCA or SFIO joining the probe.