Gold giant or accounting fraud? Making sense of SEBI vs Rajesh Exports

Rajesh Exports started as a family-owned jewellery trading company that evolved into a gold refiner, manufacturer and exporter over decades. It is one of India’s largest companies by revenue, with operations in everything from refining to retailing of gold.
The company’s profile rose significantly after it acquired Valcambi SA, a Swiss precious metals refinery, in 2015 for $400 million. The company had no major borrowings from banks and had a peak market capitalisation of nearly Rs 25,000 cr.