Indian Regulator Targets Owner of Swiss Gold Refinery Valcambi
A major financial controversy has emerged involving Rajesh Exports, the Indian company that owns Switzerland-based gold refinery Valcambi. India’s stock market regulator has accused the company of significant accounting irregularities and claims that its turnover may have been overstated by approximately $159 billion (CHF 127 billion) over several years.
In a provisional ruling released on Wednesday, the regulator stated that Rajesh Exports allegedly presented an inflated and misleading picture of its financial strength and business scale. As part of the action, Chief Executive Officer and majority shareholder Rajesh Mehta has been temporarily barred from trading shares of the company until further notice.
The investigation centers on Valcambi, one of the world’s most recognized gold refineries, located in Ticino, Switzerland. Rajesh Exports acquired Valcambi in 2015 for approximately $400 million. According to the regulator, a large portion of the group’s reported revenue originated from foreign subsidiaries, particularly the Swiss refinery.
Authorities criticized the company for failing to disclose important financial information related to Valcambi and several other overseas subsidiaries. Regulators noted that Valcambi’s audited financial statements reportedly showed substantially lower sales figures than those reflected in the group’s consolidated accounts.
The regulator believes these discrepancies may indicate that the overall operational size and turnover of the company were significantly overstated for an extended period. The investigation began in 2024 after a shareholder submitted a formal complaint regarding the company’s financial reporting practices.
Importantly, the ruling does not accuse Valcambi itself of any wrongdoing. The allegations currently focus on Rajesh Exports and its management team. The Swiss refinery has not been directly implicated in the accounting concerns raised by Indian authorities.
The case is expected to attract significant attention from investors, financial regulators, and the global precious metals industry as further details emerge in the coming months.