05/06/2026
𝐑𝐀𝐉𝐄𝐒𝐇 𝐄𝐗𝐏𝐎𝐑𝐓 𝐒𝐂𝐀𝐌 & 𝐓𝐇𝐄 𝐌𝐎𝐃𝐈 𝐆𝐎𝐕𝐓
▪️Rajesh Exports, an Indian jewellery company reported fake revenue of ₹15.15 lakh crore for 5 years between FY21 to FY25. Simply put, 99% of its revenue was fake!
▪️It reported massive revenues from overseas subsidiaries like the Swiss entity Valcambi SA. There were no invoices, no customer details, no inventory, no confirmations.
▪️Funds diverted to promoter-linked entities without proper approvals or disclosures.
▪️June 3, 2026 SEBI’s 109-page order banned Promoter & Executive Chairman Rajesh Mehta and the company from the markets.
▪️Stock crashed 80% - Shareholder wealth worth ₹12,726 crore was eroded in a single session. As always it is the small investor who pays the price for these massive frauds.
▪️LIC invested over ₹2,000 crore in the company and when the stock crashed, LIC lost almost ₹1,600 crores - which is money that belongs to common Indians.
▪️This fraud went on for 5 years - right under the nose of the Modi govt, with the Prime Minister clicking photographs with Rajesh Mehta.
👉That tells the extent of crony capitalism in India, the conflict of interest and the track record of the Modi govt and of the Prime Minister in checking corrupt practices.
👉Swindlers and fugitives from the law continue to flee overseas from right under Mr Modi’s nose - and none of them have been brought back to India in the last 12 years.
👉Other than being photographed with Rajesh Mehta - what steps has the PM taken to protect and restore hard earned savings of the large numbers of small investors who have lost their lives savings in this scam.
👉👉His hollow and fake words “ना खाऊँगा, ना खाने दूँगा” ring aloud, yet again!