The Enforcement Directorate (ED) has conducted searches at nine premises in Bengaluru and Mumbai linked to Rajesh Exports Limited. The ED said that the searches commenced yesterday in connection with an ongoing investigation into Rajesh Exports Limited and connected persons for suspected contraventions of the provisions of the Foreign Exchange Management Act (FEMA), 1999.

The agency noted that the investigation has revealed alleged FEMA contraventions, including missing records for overseas transactions, 3,000 crore rupees in opaque trade set-offs, a 40% stock mismatch, and share-manipulation involving offshore benamidars. The ED shared that various incriminating documents and digital evidence have been seized during the course of the search action.