Rajesh Mehta: The Billion-Dollar Gold Emperor Now Under SEBI’s Lens

Quick Facts: Rajesh Mehta at a Glance

Early Life & Family Background

Rajesh Jaswanth Rai Mehta was born on June 20, 1964, in Bengaluru, Karnataka — making him 61 years old as of 2026. He grew up in what he has described as a lower-middle-class Jain family originally from Morbi, Gujarat. His father, Jasvantrai Mehta, had migrated from Gujarat to Bengaluru around 1946 and, after working at a private firm for years, eventually started a small business trading semi-precious stones under the name Rajesh Diamond Company — a business named after Rajesh because, as family legend goes, an astrologer had told his father that Rajesh would bring the family its greatest prosperity.

Rajesh was the third of four brothers: Bipin (the eldest, who worked at a bank), followed by Prashant, Rajesh, and Mahesh. His mother was Chandrika Ben Mehta. The family’s Gujarati-Jain roots instilled in Rajesh a strong sense of frugality, calculated risk-taking, and the value of hard work — traits that would define his decades-long business career.

“An astrologer told his father that the boy named Rajesh would bring the family its greatest fortune. His father named his business after him — and history would prove the prediction right, for a time.

— Forbes India, on the Mehta family origin story”

Education: The Doctor Who Became a Gold King

Rajesh Mehta completed his schooling at the reputed St. Joseph’s Indian High School in Bengaluru, one of the city’s oldest and most prestigious institutions. He was reportedly considered academically brilliant and harboured early ambitions of becoming a doctor. His brother Prashant Mehta once told Forbes India that the whole family wanted Rajesh to pursue medicine, describing him as “a thinker” who always planned far ahead.

After school, Mehta attended National College, Bangalore, where he studied for approximately two years. However, he ultimately chose not to pursue a medical degree and instead turned toward the family jewellery trade — a pivot that would eventually make him one of India’s wealthiest businesspeople. His formal education was thus relatively modest by the standards of India’s billionaire class, most of whom tend to hold engineering or MBA degrees from elite institutions. His success story is firmly grounded in street-level business acumen rather than academic credentials.

Business Journey: From ₹1,200 to a Global Gold Empire

The story of Rajesh Mehta’s rise reads like a textbook study in entrepreneurial ambition. In the early 1980s, Rajesh and his brother Prashant Mehta borrowed just ₹1,200 from their eldest brother Bipin — who worked at a bank — and launched a small silver trading business. They would source silver jewellery from Chennai and sell it to wholesalers and retailers in Rajkot and across Gujarat. The margins were thin, the hours were long, but the brothers were relentless.

Rajesh Exports: Company Profile

Rajesh Exports Limited (BSE: 531500 | NSE: RAJESHEXPO) is an Indian multinational gold company headquartered in Bengaluru, Karnataka. It was incorporated as a public company on February 1, 1995, and is today one of the world’s largest gold refiners, manufacturers, and exporters.

The company’s core business spans the entire gold value chain: mining interests in Africa, refining (through Valcambi in Switzerland), manufacturing (at its massive facility in Bengaluru), wholesale distribution, and retail (through Shubh Jewellers). At its operational peak, Rajesh Exports claimed to process roughly 35% of the world’s gold output — an extraordinary claim that later became central to SEBI’s investigation into the company’s financial reporting.

The present Managing Director is Prashant Mehta, Rajesh’s younger brother. Rajesh holds the title of Executive Chairman and has historically overseen finance, marketing, and overall strategic direction.

🏭 Key Business Divisions

• Gold Jewellery Manufacturing: World-class facility in Bengaluru capable of processing 250 tonnes per annum
• Gold Refining (Valcambi): Switzerland-based, the world’s largest integrated precious metals refiner
• Exports: Ships to 60+ countries including UAE, UK, USA, and across Europe
• Retail (Shubh Jewellers): 81 stores in Karnataka; positioned as a premium jewellery destination
• Battery / EV Venture: Diversification into lithium-ion cells (now flagged by SEBI for governance concerns)

The Valcambi Acquisition (2015): A Global Masterstroke

In 2015, Rajesh Mehta pulled off what remains one of the most audacious deals in Indian corporate history. Rajesh Exports — through its Singapore subsidiary REL Singapore PTE Ltd. — acquired Valcambi Suisse SA, headquartered in Balerna, Switzerland, in an all-cash deal worth approximately $400 million.

Valcambi is the world’s largest integrated precious metals refiner, with a daily refining capacity of 2,000 tonnes of gold, silver, platinum, and palladium combined. The acquisition, executed through a European arm called Global Gold Refineries Ltd. (GGR), catapulted Rajesh Exports from a large Indian manufacturer to a truly global player in the precious metals value chain.

At the time, the deal was celebrated as a symbol of India’s growing corporate ambition. It positioned Rajesh Exports to control gold flows from raw bullion all the way to finished jewellery — a level of vertical integration that few companies anywhere in the world had achieved. However, this same structure — with Valcambi reporting revenues on a processing-fee basis while GGR consolidated gross gold transaction values — later became the central point of contention in the SEBI investigation.

Net Worth & Wealth of Rajesh Mehta (2026)

At his peak, Rajesh Mehta’s wealth was breathtaking. In April 2017, Forbes estimated his net worth at $2.6 billion, ranking him the 61st richest person in India. He was included in multiple Forbes India Rich Lists and was widely regarded as one of the country’s most prominent first-generation billionaires.

By 2019, Forbes pegged his net worth at $1.57 billion (approximately ₹12,950 crore at current exchange rates), reflecting a decline driven partly by the company’s underperformance on stock markets. The Rajesh Exports stock, which once traded above ₹700 per share, has since corrected significantly.

As of June 5, 2026, the company’s market capitalisation has collapsed to approximately ₹2,915 crore — down more than 40% in 2026 alone — as SEBI’s allegations triggered a sustained selloff. The stock hit lower circuits on both June 4 and June 5, 2026, closing near the ₹98–105 range. His personal net worth in 2026 is difficult to determine with precision given the regulatory cloud, but it has almost certainly fallen substantially from the 2017 peak. Forbes Real-Time Billionaires does not currently list him.

Net Worth Timeline

• 2017: $2.6 billion (Forbes) — Peak wealth; 61st richest Indian
• 2019: $1.57 billion (Forbes) — Decline in company stock value
• 2025: Not listed in Forbes billionaires list
• June 2026: Company market cap ~₹2,915 crore; personal net worth significantly lower than peak

Rajesh Mehta’s Family: Wife, Son & Brother

Leena Mehta — Wife

Rajesh Mehta is married to Leena Mehta. While she maintains a very private profile and is rarely seen in public forums or media coverage, she is known within Bengaluru’s business circles. Very little biographical information about her has been made publicly available, reflecting the family’s preference for privacy on personal matters.

Siddharth Mehta — Son

Rajesh and Leena have two children. His son Siddharth Mehta is a key part of the family business and heads the information technology team at Rajesh Exports in Bengaluru, where he is responsible for building customised software for the company’s in-house operations. SEBI’s 2026 interim order also names Siddharth, alleging that corporate funds were transferred through his personal bank accounts alongside those of Rajesh Mehta — without the required board approvals or related-party disclosures.

Prashant Mehta — Brother & Business Partner

Rajesh’s brother Prashant Mehta is the Managing Director of Rajesh Exports and has been his co-founder from day one. It was Prashant who once described Rajesh to Forbes India as “a thinker” who always planned for the future. Their partnership — spanning four-plus decades — has been the backbone of the company’s operations.

Mehta Family Overview

• Father: Jasvantrai Mehta — semi-precious stones trader; founded Rajesh Diamond Company
• Mother: Chandrika Ben Mehta
• Brothers: Bipin Mehta (banker), Prashant Mehta (MD, Rajesh Exports), Mahesh Mehta
• Wife: Leena Mehta — private, minimal public profile
• Son: Siddharth Mehta — Head of IT, Rajesh Exports (also named in SEBI order)

 Awards & Recognition

Before the SEBI controversy, Rajesh Mehta had built an impressive track record of industry recognition:

• Jeweller of the Year Award (2008) — Conferred by the Jewellers Association for significant contributions to India’s jewellery trade
• State Export Excellence Award — Recognised multiple times by the Karnataka government for outstanding export performance
• Fortune India 500 Rank #7 (2020) — Rajesh Exports listed among India’s top 10 companies by revenue
• Fortune Global 500 Rank #462 (2020) — One of a handful of Indian companies to feature on the global list
• Forbes India Rich List — Featured multiple years as one of India’s wealthiest individuals
• Indiaspora Business Leaders List — Recognised for growing Rajesh Exports into a global gold leader

 The SEBI Order 2026: India’s Biggest Alleged Financial Fraud?

SEBI has issued a 109-page interim order against Rajesh Exports Limited and its Executive Chairman Rajesh Mehta, alleging misrepresentation of approximately ₹15.15 lakh crore in consolidated revenues over five fiscal years. Both the company and Mehta have been barred from participating in the securities market pending further investigation. The order is interim in nature and final conclusions have not been drawn.

How Did the Investigation Begin?

The regulatory probe that has shaken India’s capital markets began with a routine shareholder complaint. In March 2024, SEBI received a grievance from a Rajesh Exports shareholder who alleged potential financial misrepresentation — specifically concerning large trade receivables that had remained outstanding for more than two years, a red flag for auditors and analysts.

Following a preliminary review, SEBI appointed an Investigating Authority in October 2024 and subsequently engaged a Forensic Auditor in December 2024 to dig deeper into the company’s books. By June 2026, the picture that had emerged was staggering in its alleged scale.

What Does SEBI Allege?

SEBI’s 109-page order contains several serious allegations, all described as prima facie findings — meaning they are preliminary and subject to further proceedings:

 Key Allegations in SEBI’s Interim Order

• Revenue Misrepresentation (~₹15.15 lakh crore): SEBI alleges that approximately 97–99% of Rajesh Exports’ consolidated revenues between FY21 and FY25 — attributed to overseas subsidiaries, particularly GGR and Valcambi — were misrepresented. The alleged inflation amounts to roughly ₹15.15 lakh crore, a figure described as “egregious and unheard of.”
• Fictitious Transactions (₹11,487+ crore): The regulator found that the company recorded over ₹11,487 crore in sales and ₹11,488 crore in purchases that appear to be fictitious — allegedly generated by mirroring personal gold derivative trades executed by Rajesh Mehta in his individual capacity.
• Fund Routing Through Personal Accounts: Corporate funds were allegedly routed through the personal bank accounts of both Rajesh Mehta and Siddharth Mehta, without required board approvals or statutory disclosures. The company itself admitted in a March 2026 email to SEBI that funds were routed through Mehta’s account “without revealing the bank account from which the funds had come” — a statement SEBI called evidence of “intentional obfuscation.”
• Transactions with a Denying Entity: Rajesh Exports reportedly recorded over ₹11,000 crore in transactions with a company called Affluence Shares and Stocks Pvt. Ltd. — a company that denied having any such dealings with Rajesh Exports.
• Unverifiable African Mining Assets: SEBI flagged a reported investment in African gold mining assets, stating investigators could not independently verify key aspects of the transaction.
• Suppression of Valcambi Financials: SEBI noted that Rajesh Exports failed to publish Valcambi’s audited standalone financial statements on its website, thereby “keeping investors in the dark” about the subsidiary’s true financial position.
• EV / Lithium-Ion Business Concerns: Fund diversion and disclosure deficiencies were also flagged in connection with two entities — Elest Private Limited and ACC Energy Storage Pvt. Ltd. — linked to the company’s lithium-ion battery business.

To illustrate the gap in numbers, SEBI pointed to Valcambi’s audited standalone revenue for CY2023 — just ₹542.68 crore. Yet in the same period, Rajesh Exports’ subsidiary GGR reported ₹2.93 lakh crore in consolidated revenue. The company’s explanation — that Valcambi recognises only processing income while GGR accounts for gross gold transaction values — has been contested by the regulator as insufficient to explain the discrepancy.

What Has SEBI Ordered?

Through its interim order, SEBI has taken the following steps:

• Rajesh Mehta barred from buying, selling, or dealing in securities of Rajesh Exports until further directions
• Rajesh Exports barred from the securities market
• Full cooperation required from the company with the ongoing investigation
• Matter referred to NFRA (National Financial Reporting Authority) over audit oversight concerns

The case is also notable because LIC, India’s largest public insurer and a key institutional shareholder, held a 10.8% stake in Rajesh Exports as of March 2026 — making it the company’s largest public shareholder. LIC’s exposure, already down from approximately ₹637 crore to around ₹347 crore, has drawn criticism from governance experts who question why institutional investors managing public money did not identify these red flags earlier. For reference, read SEBI’s official website for regulatory notices.

Rajesh Exports & Mehta’s Response

Rajesh Mehta has been emphatic in his denial. Speaking to Moneycontrol on June 4, 2026, he stated: “It is an interim order and nothing in it is true. We are in the process of studying it and will prepare a response.”

The company filed a formal clarification with stock exchanges on June 4, 2026, arguing that SEBI’s interim order contained “no conclusive adverse findings of any kind” and that the revenue figures were accurately reported. Rajesh Exports claimed the apparent discrepancy arose primarily because SEBI compared Valcambi’s EBITDA to the company’s gross revenues — what the company called a “confusion” in methodology. The company stated: “The consolidated Revenue as stated by the Company is correct.”

The company has also said it is in the process of sending all required documents to SEBI to clarify the matter, and is “confident” the clarifications will resolve the regulator’s concerns. Whether that confidence is justified will depend on the outcome of SEBI’s ongoing investigation and any subsequent proceedings before the Securities Appellate Tribunal (SAT).

Stock Market Impact: Rajesh Exports Share Price Crash

The market’s reaction to SEBI’s order has been swift and severe. Rajesh Exports shares hit the 5% lower circuit on both June 4 and June 5, 2026, closing near ₹98.73 (NSE) and ₹99.45 (BSE) — the lowest levels in years. The company’s market capitalisation fell to approximately ₹2,915 crore, down from roughly ₹5,000 crore at the start of 2026.

The stock has now declined approximately 42% year-to-date in 2026 and roughly 40% over the past 12 months. Institutional investors are under pressure: LIC’s investment has roughly halved in value; a Mauritius-based fund called Bridge India Fund also holds a significant stake and faces similar losses. Proxy advisory firms have been vocal in their criticism, with InGovern’s Shriram Subramanian urging LIC to “undertake rigorous forensic accounting and due diligence before making investments so that companies with fictitious revenues can be identified at an early stage.”

Investors can track the stock’s performance at NSE India or BSE India.

 FAQs About Rajesh Mehta & Rajesh Exports

What is Rajesh Mehta’s age in 2026?

Rajesh Mehta was born on June 20, 1964, which makes him 61 years old as of June 2026.

What is Rajesh Mehta’s net worth?

Forbes estimated his peak net worth at $2.6 billion in 2017. By 2019 it had declined to $1.57 billion. Given the collapse in Rajesh Exports’ share price in 2026 and the ongoing SEBI proceedings, his current net worth is substantially lower, though an exact current figure is not publicly confirmed.

Who is Rajesh Mehta’s wife?

Rajesh Mehta is married to Leena Mehta, who maintains a private profile.

Does Rajesh Mehta have a daughter?

Publicly available records indicate that Rajesh Mehta has two children, with his son Siddharth Mehta known to work at Rajesh Exports. No confirmed information about a daughter has been publicly disclosed.

What is the SEBI order against Rajesh Exports about?

On June 3, 2026, SEBI issued a 109-page interim order alleging that Rajesh Exports misrepresented approximately ₹15.15 lakh crore in consolidated revenues between FY21 and FY25, routed funds through personal bank accounts, and recorded fictitious transactions. Both the company and its chairman Rajesh Mehta have been barred from the securities market pending investigation. These are prima facie findings, and the investigation is ongoing.

What is Valcambi and why did Rajesh Exports buy it?

Valcambi Suisse SA is the world’s largest integrated precious metals refinery, based in Switzerland. Rajesh Exports acquired it in 2015 for approximately $400 million to gain a global foothold in gold refining and strengthen its end-to-end control over the gold value chain.

Where are Shubh Jewellers stores located?

Shubh Jewellers is Rajesh Exports’ retail arm with 81 stores across Karnataka, making it one of the state’s largest branded jewellery retail chains.

Is Rajesh Exports a Fortune 500 company?

Yes — Rajesh Exports was ranked #462 in the Fortune Global 500 in 2020, and #7 in the Fortune India 500, with revenues of approximately ₹2.90 trillion. Its position in current rankings reflects its sharply lower market valuation and ongoing regulatory uncertainty.