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Indian owner of Swiss gold refiner Valcambi investigated over $159 billion of inflated revenue
By Ashutosh Joshi
Bloomberg News
Thursday, June 4, 2026
India's markets regulator has alleged that the owner of Swiss gold refiner Valcambi SA overstated revenue, according to an interim order issued today.
Mumbai-listed Rajesh Exports Ltd. misrepresented about 15.2 trillion rupees ($159 billion) -- equaling 99.80% of its revenues from subsidiaries over the five fiscal years through March 2025, the Securities and Exchange Board of India said in its order and asked the company to make "true and fair" disclosures in its financial statements and other filings.
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Shares of the company, valued at about $321 million, hit their 5% daily lower limit today and have lost more than 40% this year.
The regulator also barred Rajesh Mehta, the company's majority shareholder and chairman, from trading in the company's stock until further notice, saying the revenue figures allowed the company to present an "inflated and misleading picture of its scale, financial position, and health." ...
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