Jairam Ramesh questions LIC's role in alleged Rajesh Exports scam

Citing a SEBI interim report, Congress's Jairam Ramesh flagged an alleged Rs 15 lakh crore scam at Rajesh Exports. He questioned how LIC, with a 10.8% stake, could have missed such a massive misrepresentation of revenues from 2020-21 to 2024-25.

Congress MP Jairam Ramesh on Thursday raised serious concerns while citing a recent interim report by the Securities and Exchange Board of India (SEBI) alleging large-scale financial irregularities at Rajesh Exports, and questioned the role of the Life Insurance Corporation of India (LIC), claiming that it holds a significant stake in the company.

In an 'X' post, Ramesh said SEBI, in its interim report dated June 3, had alleged a "gigantic scam" involving Rajesh Exports, a company engaged in the gold refining and jewellery business. He stated that the market regulator has alleged a massive misrepresentation of revenues spanning the period from 2020-21 to 2024-25, with the amount involved potentially reaching Rs 15 lakh crore. He noted that investigations are continuing and a final report is awaited. "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," said Jairam Ramesh.

Concerns Raised Over LIC's Stake

The Congress MP further claimed that LIC owns around 10.8 per cent of Rajesh Exports and added that banks also have considerable exposure to the company. Questioning LIC's alleged investment in the firm, the Congress leader asked how the insurer could have failed to detect such alleged irregularities in a company in which it held a substantial stake. "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," Jairam Ramesh added. (ANI)

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