Miracles of New India
Rajesh Exports showed 99% fake revenues, totalling more than Rs.15 lakh crores, from 2021-25. That's a cool $150 billion at least.
The SEBI has reported major accounting fraud at Rajesh Exports, including a reported ₹15.15 lakh crore revenue misstatement during FY21–FY25, linked to unverified overseas entities. Perhaps 97%–99% of revenue was inflated! SEBI has barred promoter-chairman Rajesh Mehta from stock markets. LIC holds ~10% stake in this firm, despite a steep fall in the stock.
[a question I had, which experts may comment on - would this scam have impacted India's overall exports numbers (year-wise) also?]