Market regulator SEBI accused Rajesh Exports, which was considered to be a gold refining and jewellery giant, of misrepresenting revenues worth ₹15.15 lakh crore from FY21 to FY25. After a 2024 shareholder complaint to SEBI, the regulator began examining the company's filings from 2020. It was found that 97-99% of its consolidated revenues during that period came from overseas.