Published: June 4, 2026 β’ 12:21 PM IST Β· Updated: June 4, 2026 β’ 2:04 PM ISTBy TheBriefWire Editorial Team
Key points
It began with a complaint that could easily have gone unnoticed.
In March 2024, the Securities and Exchange Board of India (Sebi) received an email from a shareholder of Rajesh Exports alleging potential financial misrepresentation linked to large trade receivables that had remained outstanding for years.
Two years later, that complaint has snowballed into what could become one of the biggest accounting controversies India has seen since Satyam.
At the centre of Sebi's interim order is a startling allegation: Rajesh Exports may have misrepresented about Rs 15.15 lakh crore of revenue between FY21 and FY25 through its overseas subsidiaries and step-down subsidiaries.
The figure is so large that it almost obscures the more important story.