🚨 THIS INDIAN BUSINESSMAN WAS RUNNING A ₹15.15 LAKH SCAM

AND NOBODY IN THE ENTIRE OVERSIGHT SYSTEM CAUGHT IT UNTIL ONE SHAREHOLDER FILED A COMPLAINT IN MARCH 2024!!!
Rajesh Exports was listed.. audited by statutory auditors who signed the accounts every year.. covered by analysts.. reviewed by SEBI.. and held by LIC which increased its stake from 1.9% to 10.8% over nine years investing ₹2,000+ crore of policyholder money..
the revenues that placed it among India's largest listed companies were visible in every annual report.. the trade receivables outstanding more than two years were in the same reports.. nobody ran a forensic audit until BDO was appointed after a single shareholder complaint arrived in March 2024..
BDO produced a 109-page interim order.. SEBI alleges 99.8% of consolidated revenues from FY21 to FY25 were misrepresented through overseas operations.. the stock hit lower circuit.. dropped 80%.. LIC's ₹2,000 crore became approximately ₹400 crore..
₹1,600 crore of people who bought LIC policies to protect their families..
gone..
but here's the part that broke my brain..
Rajesh Mehta says SEBI is confusing gross profit with revenue.. says the ₹15.15 lakh crore figure is five years of cumulative revenue not one year.. those defenses may be legally relevant in the proceedings that follow.. but BDO's forensic audit is 109 pages long and the allegations include questionable transactions, fund routing, and unsupported investment claims that go beyond accounting classification disputes..
one of these characterizations survives the legal process..
in the meantime the auditors who signed the accounts for four years have not been named in any action..
the exchange that listed the stock has not explained what oversight it applied..
SEBI which reviewed the filings for four years has not explained what it missed..
and the single shareholder who filed a complaint in March 2024 with no professional obligation to look..
is the only person in this story who actually did their job..