India financial crime agency flags forex breaches, missing records at Rajesh Exports
- “Contemporaneous records and documentation of claimed investment of 10.35bn Indian rupees into African Mines were neither found nor provided by the company as yet,' ED says
India’s financial-crime agency said on Wednesday it found suspected foreign exchange violations at Rajesh Exports, including missing foreign transaction records and stock discrepancies.
The Enforcement Directorate (ED) probe follows an investigation by India’s markets regulator into the gold company, which alleged that the firm overstated revenue at its Swiss refining unit Valcambi by $159 billion, a figure unprecedented in India’s accounting probes.
In a statement, the ED said searches conducted at nine locations in Mumbai and Bengaluru on Tuesday found set-offs of trade payables and receivables of about 30 billion rupees ($316.91 million) involving suspicious foreign parties based in the UAE and other jurisdictions.
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The agency also found missing records of foreign transactions.
“Contemporaneous records and documentation of claimed investment of 10.35 billion rupees ($109.33 million) into African Mines were neither found nor provided by the company as yet,” the ED said.
The agency also flagged suspicious block trades and share price manipulation.