Valcambi Parent Company Rajesh Exports Faces SEBI Probe

 

Valcambi Parent Company Rajesh Exports Faces SEBI Probe

Rajesh Exports Limited, an Indian gold refiner and retailer, acquired Swiss precious metals refiner Valcambi in 2015. More than a decade later, the corporation is facing a probe by the Securities and Exchange Board of India (SEBI) over an alleged misrepresentation of Valcambi’s revenue. This developing story could impact the reputation of Valcambi, one of the world’s largest producers of gold, silver, and platinum products.

According to SEBI, Rajesh Exports inflated its total revenue by approximately $159 billion from 2020-2025. Much of the discrepancy involves revenue attributed to Valcambi, which is still located in Switzerland. Rajesh Exports denied the accusation, claiming instead that the revenue discrepancy resulted from a misunderstanding on the part of a government investigator.

While a larger investigation continues, both Rajesh Exports Limited and Chairman Rajesh Mehta have been banned from participating in the securities exchange market. More importantly to the precious metals market, the London Bullion Market Association (LBMA) has begun assessing Valcambi’s role as a Good Delivery provider, a title held by the company since 1968.

On this page, read the latest developments in the ongoing investigation into Valcambi’s parent company, Rajesh Exports.

About the Rajesh Exports Accusations

The Securities and Exchange Board of India (SEBI) opened an investigation into Rajesh Exports in June 2026. According to the Indian regulatory authority, the multinational gold refiner and retailer over-reported its revenue by more than $158 billion over the past five years (2020-2025). Much of this overrepresented revenue was attributed to Valcambi.

To be clear, this investigation is not specifically targeting Valcambi, the Switzerland-based refiner acquired by Rajesh Exports in 2015. The investigation centers around Rajesh Exports Limited and its chairman, Rajesh Mehta.

Actual accounting figures for Valcambi from 2020-2025 showed an estimated revenue of around $70-100 million, investigators say. But in its consolidated revenue reports, Rajesh Exports reported earnings to the tune of $158.93 billion in the same timeframe, much of it attributed to the Swiss refining arm acquired in 2015.

An interim order published by the SEBI on June 3, 2026, details the scope of the accusation:

I note that REL has prima facie misrepresented approximately INR 15,15,385 crore [approx. $159 billion] i.e. representing 99.80% of its revenues which are attributed to subsidiaries during the period FY 2020-21 to FY 2024-25. The aforesaid conduct appears to have prima facie enabled REL to portray an inflated and misleading picture of its operational scale, consolidated financial position and financial health before investors and the securities market.

It may be worth noting that Rajesh Exports Ltd stock has fallen by more than 83% in the past five years. According to investigators, the corporation’s revenue inflation may have been an attempt to misrepresent its financial strength to investors as its stock price declined.

Rajesh Exports Limited Response to SEBI Accusations

Rajesh Mehta, executive chairman and owner of Rajesh Exports, responded to the accusations released by the SEBI. Mehta said that the Swiss refiner’s large refining operation would “naturally” generate billions in revenue. The billionaire business mogul also argued that a difference in accounting methods may account for the discrepancy in revenue.

The biggest SEBI observation is on difference in revenue which is large because SEBI did not consider consolidated revenue but only standalone.

As the SEBI investigation continues, Mehta is barred from interacting with Rajesh Exports Ltd. stock or participating in the Indian securities markets.

The Valcambi Response to Rajesh Exports Limited SEBI Investigation

Valcambi released its own response to the ongoing SEBI investigation into Rajesh Exports Limited’s alleged revenue inflation scheme. In the statement, Valcambi’s representatives reiterated that the refiner is not involved in the ongoing investigation and has cooperated with local Swiss regulators throughout regular external audits.

Valcambi is not involved in the SEBI proceedings and is not the subject of any investigation, review, or request by the Indian authorities. Valcambi operates independently under Swiss regulation and in accordance with applicable regulatory requirements, including LBMA responsible sourcing standard and other internationally recognized compliance frameworks.

Valcambi is subject to external audits, including independent assurance engagements conducted by accredited assurance providers, as well as audits and supervisory reviews carried out by the relevant Swiss authorities.

The Swiss refiner concluded its statement by reiterating that it “does not expect any impact” on its ability to conduct operations or comply with regulations and quality assurance.

How Could the Rajesh Exports Investigation Impact Valcambi?

While the ongoing SEBI investigation focuses on Rajesh Exports Ltd and its owner, Rajesh Mehta, it could have major implications for Swiss-based refiner Valcambi. Valcambi was acquired by Rajesh Exports Limited in 2015 in an all-cash deal, and much of the company’s allegedly inflated revenue appears to have been attributed to the Switzerland refining operation.

In the near term, this investigation has put Valcambi’s status as a “Good Delivery provider” with the London Bullion Market Association (LBMA) at risk. LBMA’s Good Delivery List is a collection of refiners whose quality standards make them eligible to produce gold, silver, and other precious metal bars for major stock exchanges. LBMA is widely considered the gold standard for the quality of large, exchange-traded bars. The production of good delivery gold bars, typically weighing 400 troy ounces each, accounts for a significant portion of Valcambi’s annual revenue.

LBMA announced on June 16th that it had invoked its incident review process related to the news of the SEBI investigation into Rajesh Exports Limited.

The Incident Review Process (IRP) has been invoked against Valcambi SA to review information arising out of current media reports.

This process involves consultation with a range of stakeholders. LBMA remains focused on a transparent and rigorous approach and will advise of further updates in due course.

The trade association specified that, for the time being, Valcambi “remains a Good Delivery Refiner.” During the IRP process, LBMA will “engage constructively” with Valcambi and stakeholders “to ensure that all matters are reviewed in line with the LBMA Good Delivery Rules.”

In a larger sense, the investigation could impact how investors perceive precious metals produced by Valcambi. For decades, the refiner has been one of the most respected names in bullion. Swiss gold also comes with its own premier reputation, with many investors believing gold and other precious metals from Switzerland to be some of the best investment-grade bullion products on the market.

At this point, it is too soon to tell if the investigation into its parent company will substantially harm Valcambi products’ performance on the retail market.

Final Thoughts: Indian Gold Refiner/Retailer Embroiled in Securities Investigation

Indian authorities are accusing Rajesh Exports Limited, owner of Swiss precious metals refiner Valcambi, of inflating its revenue by more than $150 billion dollars from 2020 until 2025. Much of this inflated revenue was attributed to Valcambi SA, which independently reported only a fraction of the billions of claimed revenue.

Rajesh Exports Ltd denies the claims, although its owner has been barred from engaging in the trade of securities as the investigation continues. LBMA has opened an Incident Review Process (IRP) to evaluate Valcambi’s status as a Good Delivery Refiner in the wake of the accusations against its parent company, although Valcambi maintains that it is not involved in nor implicated in the investigation.

We will update this page with new information as it becomes available.