Author: Sabari Raychaudhuri

The recent controversy surrounding Rajesh Exports has attracted significant attention because of SEBI’s allegation that the company’s reported revenues of nearly ₹15.15 lakh crore (approximately $180 billion) could not withstand the scrutiny of a forensic audit commissioned by the regulator. More specifically, SEBI has questioned whether the company’s claim that these revenues were generated through its Swiss subsidiary, Valcambi SA, is adequately supported by the subsidiary’s audited accounts. Predictably, the debate has become polarised. Those defending the company argue that the figures are being misread and misunderstood by people unfamiliar with the intricacies of the bullion business. Those raising concerns…