$158 Billion Revenue? India’s Gold Giant Cannot Account for 99.8% of Earnings, SEBI Says

India’s market regulator alleges that Rajesh Exports, the gold major behind Swiss refiner Valcambi, misrepresented about $158 billion in revenue over five years. SEBI says that figure equals 99.8% of the revenue the company credited to its subsidiaries.

The Securities and Exchange Board of India (SEBI) issued the interim order on June 3. It barred promoter and chairman Rajesh Mehta from the…