Rajesh Exports news: How SEBI's lens on Rs 15 lakh cr revenue mismatch triggered online debate
An X user CA Anupam Sharma, with nearly 51,000 followers, said the Rajesh Exports scandal exposed by SEBI is a jaw-dropping corporate governance disaster.
- Jun 5, 2026,
- Updated Jun 5, 2026 12:07 PM IST
Debate over the alleged Rs 15 lakh crore revenue mismatch at Rajesh Exports Ltd has sent social media platform X buzzing. While Rajesh Exports denied any wrongdoing, discussions have just intensified over the sheer magnitude of the amount involved and the implications of the case. SEBI's interim order, which barred the company's promoter from dealing in Rajesh Exports securities while it investigates suspected violations of the SEBI Act and the PFUTP Regulations, further fuelled conversations on the platform. Many users questioned how such a large alleged discrepancy, if it really is, could have gone unnoticed. An X user by the name Ankit Sharma, whose profile suggested he is CA and NISM Certified RA, said he was part of the Rajesh Exports' audit team in 2011-12. "My Sir was suspicious of the transactions and decided not to sign the report, then they hired a small Auditor and got the signature.
In another post, Sharma said: "If the next Auditor is small he accepts to sign with less diligence because of fees as they are not guaranteed by the government for minimum fees after clearing the toughest exam and this continues."
This was a personal view of the X user. Business Today could not independently verify accuracy of the post.
Another user CA Anupam Sharma, with nearly 51,000 X followers, said the Rajesh Exports scandal exposed by SEBI is a jaw-dropping corporate governance disaster. Alleged revenue inflation of Rs 15.15 lakh crore over five years is an unprecedented failure of internal controls, gatekeeping, and audit compliance, he said.
"While the auditing profession faces heavy questions over overseas subsidiary consolidation gaps, accountability cannot stop there. The roles of the Board, the CFO, and internal risk managers require an immediate, deep-dive criminal investigation," he said.
A third X user, Akshat Shrivastava, who is founder of Wisdom Hatch, pointed towards the erosion in Rajesh Exports shares from Rs 900-odd levels to Rs to 100-odd levels over the years.
"Now, suddenly we have "uncovered" a fraud. Was it not a fraud when the stock kept falling relentlessly? No one bothered to look at this? Small/Mid caps in India (a large chunk) of them are outright frauds. You are basically playing Squid Games with your money," he said.
He said while an analyst at best can look at the data. But if the data itself is fraud, the analyst can't cover that.
Some users even called out finfluencers, who they said were bullish on the stock earlier.
Rajesh Exports insisted that the core observation in the recent SEBI order with regard to the mis-reporting of the revenues emerged primarily due to confusion because SEBI has considered the Ebitda of Valcambi instead of revenue.
"There is no reason for any listed entity to inflate revenue and maintain the earnings, this will only reduce the margins of the company, which would be adverse to the company," Rajesh Exports said.
(The views expressed in the posts are from X users)
Debate over the alleged Rs 15 lakh crore revenue mismatch at Rajesh Exports Ltd has sent social media platform X buzzing. While Rajesh Exports denied any wrongdoing, discussions have just intensified over the sheer magnitude of the amount involved and the implications of the case. SEBI's interim order, which barred the company's promoter from dealing in Rajesh Exports securities while it investigates suspected violations of the SEBI Act and the PFUTP Regulations, further fuelled conversations on the platform. Many users questioned how such a large alleged discrepancy, if it really is, could have gone unnoticed. An X user by the name Ankit Sharma, whose profile suggested he is CA and NISM Certified RA, said he was part of the Rajesh Exports' audit team in 2011-12. "My Sir was suspicious of the transactions and decided not to sign the report, then they hired a small Auditor and got the signature.
In another post, Sharma said: "If the next Auditor is small he accepts to sign with less diligence because of fees as they are not guaranteed by the government for minimum fees after clearing the toughest exam and this continues."
This was a personal view of the X user. Business Today could not independently verify accuracy of the post.
Another user CA Anupam Sharma, with nearly 51,000 X followers, said the Rajesh Exports scandal exposed by SEBI is a jaw-dropping corporate governance disaster. Alleged revenue inflation of Rs 15.15 lakh crore over five years is an unprecedented failure of internal controls, gatekeeping, and audit compliance, he said.
"While the auditing profession faces heavy questions over overseas subsidiary consolidation gaps, accountability cannot stop there. The roles of the Board, the CFO, and internal risk managers require an immediate, deep-dive criminal investigation," he said.
A third X user, Akshat Shrivastava, who is founder of Wisdom Hatch, pointed towards the erosion in Rajesh Exports shares from Rs 900-odd levels to Rs to 100-odd levels over the years.
"Now, suddenly we have "uncovered" a fraud. Was it not a fraud when the stock kept falling relentlessly? No one bothered to look at this? Small/Mid caps in India (a large chunk) of them are outright frauds. You are basically playing Squid Games with your money," he said.
He said while an analyst at best can look at the data. But if the data itself is fraud, the analyst can't cover that.
Some users even called out finfluencers, who they said were bullish on the stock earlier.
Rajesh Exports insisted that the core observation in the recent SEBI order with regard to the mis-reporting of the revenues emerged primarily due to confusion because SEBI has considered the Ebitda of Valcambi instead of revenue.
"There is no reason for any listed entity to inflate revenue and maintain the earnings, this will only reduce the margins of the company, which would be adverse to the company," Rajesh Exports said.
(The views expressed in the posts are from X users)