On June 3, 2026, India’s Securities and Exchange Board (SEBI) issued an interim order that, in its sheer magnitude, invites sombre comparison with the darkest chapters of India’s financial history. The regulator alleged that Rajesh Exports Limited had engaged in a systematic misrepresentation of consolidated revenues amounting to approximately ₹15.15 lakh crore (nearly $158 billion) over the five fiscal years spanning 2020–21 to 2024–25. The alleged inflation encompassed a staggering 99.80 per cent of revenues attributed to its overseas subsidiaries which was routed principally through Switzerland-based Valcambi SA.