SEBI has, in an interim report dated June 3 2026, alleged a gigantic scam involving a high-flying company called Rajesh Exports which is in the gold refining and jewellery business. SEBI says that there has been a massive misrepresentation of revenues spanning a five year period 2020/21-2024/25 that could amount to a staggering Rs 15 lakh crore. This is a mind-boggling number. Investigations are continuing and a final report is awaited.
What is particularly disturbing is that LIC owns around 10.8% of Rajesh Exports. Banks too have considerable exposure to this clearly politically influential company.
How could LIC have missed such a huge fraud taking place in a company in which it has a substantial stake? This raises the question of whether LIC’s acquisition of such a substantial stake was driven by instructions from the ruling ecosystem.
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