NEW DELHI: A day after it searched nine premises of Rajesh Exports Ltd, ED said Wednesday it has found suspicious foreign transactions of Rs 3,000 crore through UAE, could not find any evidence of a Rs 1,035 crore investment it claimed to have made in African mines, and found that the MD of the company, which reported a consolidated revenue of Rs 7.7 lakh crore, was paid Rs 17,000 as monthly salary, while its CFO had not been paid anything since 2020.ED claimed to have found evidence of suspicious block trade, including over Rs 600 crore siphoned out of India through share manipulation using NRI ‘benamidars’.Investigation revealed opaque netting and set-offs of large foreign trade receivables against foreign trade payables of around Rs 3,000 crore”, ED said. On the “investment” in African mines, it said, “Rajesh Exports Ltd failed to produce documentation in respect of its foreign transactions, including its imports, exports, overseas investments, and settlement of foreign trade receivables and payables, thereby rendering verification of the genuineness of such transactions almost impossible.” The agency carried out physical verification of stock during searches and found “a difference of 40% between the stock recorded in factory registers and the actual physical stock found on the premises”. ED said the company was engaged in “suspicious block trades in REL scrip executed by certain individuals…” Get the latest India news and live updates. Download the TOI App.End of ArticleFollow Us On Social MediaVideosTMC MP Mahua Moitra Clarifies After Praise For Suvendu Adhikari Sparks Political Buzz In BengalBengaluru Metro Breakdown Triggers Commuter Chaos As Stranded Passengers Climb Lorries”They Saved Their Goods And Left Us To Die”: Survivor’s Explosive Claims Rock Aliganj Fire ProbeMumbai Local Train Horror: 22-Year-Old Stabbed To Death After Door Dispute, Accused On The RunKolkata Warehouse Roof Collapse: 3 Dead, Several Injured, Rescue Ops UnderwayPM Modi Invited To Ayatollah Khamenei’s Funeral? Tehran Plans Massive Funeral For KhameneiLucknow Fire Horror: Demolition Order Revoked A Decade Ago, Illegal Building Claimed 15 LivesBJP Seeks Bhagwant Mann’s Arrest | Forensic Expert Alleges ₹10 Lakh Bribe To Fake Viral Video ReportIAF Set to Receive 1st Made-in-India C295 in September — Here’s What the Milestone Means’Papa, Save Me’: 10-Year-Old Abducted, Raped And Killed In Delhi; Chilling Details Emerge123Photostories60-second money lesson: Why buying in bulk doesn’t always save you money7 South Indian mangoes that stand out for their flavour and aroma’It’s probably something I ate’: Why doctors say this common assumption can sometimes delay a cancer diagnosisBeyond the stereotype: 7 fascinating facts about donkeysFrom Priyanka Chopra’s Rolex era to Katrina Kaif’s Rado reign: Bollywood’s most iconic watch ambassadorsTaarak Mehta Ka Ooltah Chashmah: From mimicking Charlie Chaplin, having no work for 7-8 years to working with Dilip Joshi, SRK-Salman; Sharad Sankla aka Abdul gets candid about lifeNot just Usha Vance: 5 women in power who turned grey hair into a symbol of confidenceWeekend K-drama releases: From ‘Notes from the Last Row’ to ‘Agent Kim Reactivated’UK heatwave intensifies: UKHSA approved tips to keep your home coolAngiography and Angioplasty are not the same: Here’s what every heart patient should know123Hot PicksVenezuela earthquakesDevina GahlotDonald Trump avenueMumbai rainsCBSE 12th revaluationBihar school timingsSpanish proverbAfghan proverbPortuguese proverbTop TrendingDelhi Rape MurderUS-Iran WarITR filing 2025-26FIFA World Cup 2026England vs Ghana FIFA World Cup ResultICAI CA Inter May resultLucknow coaching fireGold rate todayWho was Ketan AgarwalMumbai rain
NEW DELHI: A day after it searched nine premises of Rajesh Exports Ltd, ED said Wednesday it has found suspicious foreign transactions of Rs 3,000 crore through UAE, could not find any evidence of a Rs 1,035 crore investment it claimed to have made in African mines, and found that the MD of the company, which reported a consolidated revenue of Rs 7.7 lakh crore, was paid Rs 17,000 as monthly salary, while its CFO had not been paid anything since 2020.ED claimed to have found evidence of suspicious block trade, including over Rs 600 crore siphoned out of India through share manipulation using NRI ‘benamidars’.Investigation revealed opaque netting and set-offs of large foreign trade receivables against foreign trade payables of around Rs 3,000 crore”, ED said. On the “investment” in African mines, it said, “Rajesh Exports Ltd failed to produce documentation in respect of its foreign transactions, including its imports, exports, overseas investments, and settlement of foreign trade receivables and payables, thereby rendering verification of the genuineness of such transactions almost impossible.” The agency carried out physical verification of stock during searches and found “a difference of 40% between the stock recorded in factory registers and the actual physical stock found on the premises”. ED said the company was engaged in “suspicious block trades in REL scrip executed by certain individuals…”
