$RAJESHEXPO

The Directorate of Enforcement (ED) has carried out search and seizure operations at nine locations associated with Rajesh Exports Ltd (REL) and its affiliates, alleging several irregularities, including suspected share price manipulation, missing records of foreign transactions, and unusual executive remuneration practices. In a statement issued on Wednesday, the ED said that its investigation under the Foreign Exchange Management Act (FEMA) revealed that the company's Chief Financial Officer had reportedly not drawn any salary since 2020. The agency also noted that the Managing Director received a monthly salary of only around Rs 17,000, despite the company reporting consolidated revenues of approximately Rs 7.7 lakh crore. According to the ED, such remuneration arrangements appear inconsistent with normal commercial practices and raise questions about the authenticity of the company's financial disclosures. The agency further alleged that certain block trades in Rajesh Exports shares involved individuals whose names appeared in data leaks published by the International Consortium of Investigative Journalists (ICIJ). Preliminary findings, it said, point to possible undisclosed offshore connections that are currently under investigation. Additionally, the ED claimed that more than Rs 600 crore was siphoned out of India through alleged share manipulation schemes involving NRI benamidars.