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Prashant Mehta Rajesh: Is He Involved in Illegal Imports? (2024)

Prashant Mehta Rajesh
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Prashant Mehta Rajesh is facing allegations of being involved in corruption. Find out if those allegations are true in this Gripeo post.
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A lawsuit was brought against the defendant, Prashant Mehta Rajesh, for purportedly offering precious metals i.e. gold jewelry intended for exportation on the domestic marketplace.

Kerala Government has granted an arrest warrant without bail for Prashant Mehta Rajesh, the CEO of Rajesh Exports, for his involvement with an investigation filed under him for allegedly marketing gold jewelry intended for shipment in the local marketplace.

The Department of Tax Security experts that are probing the case, went to the Deputy Chief Judicial Magistrate’s court, who obtained a warrant of arrest for Mehta and who is currently on the run. Prashant Mehta Rajesh didn’t show up in the officer in charge notwithstanding summoning.  

The case brought against the Bangalore-based registered metal export & retail business, which has a plant at the neighboring Kochi International Terminal Area in Kakkanad, stems from the fact that it illegally redirected foreign gold metal as jewelry to the local marketplace.

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The business, known as Rajesh Exports Pvt Ltd, came beneath DRI scrutiny in May when DRI inspectors recovered approximately one kilo of gold through Hareesh Babu, who is an organization employee. Subsequently, the official in question was detained. Yet, Prashant  Mehta Rajesh, President of the Bangalore-based firm, claimed that Hareesh Babu had been an earlier staff member.

There appears to be a degree of uncertainty in the situation. We’re actively attempting to figure out exactly what occurred. “All of us are still waiting for the paperwork through the judiciary, therefore we had no further details on anything currently yet,” Prashant Mehta Rajesh said in an answer to Prashant Mehta Rajesh’s detention order issued on Tuesday. 

Prashant Mehta Rajesh Enterprises is accused of engaging in this operation for a decade & evading up to 90,000,000 rupees in taxes, as stated by DRI’s general investigator.

Rajesh Exports, which had net revenue of ₹ 5503.2 million, is most recognized for its jewelry sales venture Shubh Jewellers, which has proven profitable. Nevertheless, the storefront responsibility, which began in the middle of 2010, accounts for approximately ten percent of the business’s revenue.

The Reserve Bank of India has required that twenty percent of all platinum purchased must be shipped away from the nation as the federal government strives to increase imports to reduce the government’s current account shortfall. 

Prashant Mehta Rajesh Denied Bail

Prashant Mehta Rajesh requested a hold on the repayment of outstanding certificates of financing from Canara Bank. This is because the shutdown has stymied the bank’s operations.


Banks have to conform to the Reserve Bank of India’s schedules for a guarantee of financing & reception of proceeds from exports. 

Because the document in its entirety is a promise, any intervention regarding it can only be given based on deception harm, according to the High Court of Karnataka. 

A certificate of financing is a guarantee issued by the bank to a specific business at the request of the purchaser. the context of most cases, the bank ensures any shortcoming in settlement by the purchaser.

Valcambi delivered the entire amount of precious metals namely Gold, roughly 10 metric tons, to Prashant Mehta Rajesh Enterprises after discounting the authorizations of financing with Canara Banks in London and Hong Kong branches. 

Certificates for financing are discounted when a certain deposit is made to the buyer in exchange for the opportunity.

The emergence of the Covid-19 pandemic caused challenges, bringing Prashant Mehta Rajesh Enterprises’ activities to a halt. Furthermore, Canara Bank continued to make installments on the documents of guarantee.

As the finance company keeps making the funds, the jewelry manufacturer, Prashant Mehta Rajesh claims that will suffer an impairment of 700 crore rupees because of the disparity in currency values. 

A panel led by Judge PS Dinesh Kumar rejected Prashant Mehta Rajesh Enterprises’ postponement request, stating that the financial institution is constrained by the Reserve Bank of India rules which impose a ninety days restriction on certificates of financing granted for metal shipments.

The appeals Court issued a 5 days delay to make it possible enable Prashant Mehta Rajesh Enterprises to file a lawsuit over the judgment.

Arguments happened in the Court 

Prashant Mehta Rajesh Industries might get the cash in Swiss Francs under regular circumstances, according to GS Kannur, India, the chief attorney for the jewelry producer. 

  • Nevertheless, the Covid-19 pandemic impeded company operations, and even though the Reserve Bank of India prolonged the period for receiving earnings from exports for various merchandise, no extra time was allowed for gold. 
  • The Canara Bank continued to generate money.
  • Although the reality that Valcambi was SA, the recipient of funds under certificates of financing, consented to a deferral, the financial institution continued to make installments. 
  • By denying further consequently, the Reserve Bank of India prejudiced towards metal merchants.

What is a Red Flag? 

A red flag serves as a signal or sign that there may be an underlying issue or danger associated with a company’s stock, financial statements, or news reports. These indicators can come in many forms and are often identified by analysts or investors as any notable undesirable trait.

The Supreme Court concurred with the lender’s claims & issued its subsequent ruling: 

  • The transactions were completed because Prashant Mehta Rajesh Industries was already given the precious metal & a subsidiary subsequently reduced the correspondence. 
  • Valcambi’s agreement was not regarded as significant because the discounted banks refused to consent to a postponement & instead demanded the necessary payments.

Rajesh Exports Limited accuses MCX of accounts misappropriation

Prashant Mehta Rajesh

Financial Systems, which has been embroiled in rupees 5,500 Crore fraudulent involving group the business National Spot Exchange, is facing an additional assault as a result of an indictment submitted by ornamental jewelry producer and seller Rajesh Exports Limited towards futures and commodities trade Mumbai Corporation Exchange, a different the company.

Prashant Mehta Rajesh, the owner of Rajesh Exports Limited, argues in an accusation filed against the Central Crime Branch in Bangalore that the Mumbai exchange misused its hedging accounts alongside The Mumbai Composite Exchange on the 28th of August, leading to an impairment of Rs 50 crore, according to two individuals who are familiar with the charge. 

Prosecutors alleged that the company acted just recently & stopped the stock exchange from deducting the cash from Rajesh Exports Limited’s hedging bank account.

Although the Bengaluru Authorities issued an FIR, the other party i.e. Rajesh Export Limited is appealing to the Karnataka High Court for the complaint dismissed.

Prashant Mehta Rajesh, President of Rajesh Exports Limited, refused to respond whenever reached. According to a Mumbai Composite Exchange representative, Rajesh Exports Limited has fallen behind in payment of market pricing penalties & borders, which means that as a result, the stock exchange had rounded off with the company in accordance with the exchange by the laws.

Prosecutors claim that during the course of the exact same day, gold on the Mumbai Stock Exchange reached an all-time record of Rs 35,086/ 10 grams in a bolt of lightning and then once the trade changed, the cost of gold fell down Rs 33,398, a decrease roughly five percent, leading to an unneeded deficit for Rajesh Exports Limited.

Gold rose on that particular day as the Indian rupee fell to a historic minimum of 68.83% to the USD. Because of the substantial swings in gold agreements as a result of the Indian rupee’s depreciation at that point, the government agency imposed a further five percent margin on the instrument, raising the cost available for trading to about thirteen percent.

Futures markets are markets that enable a company to either buy or sell a commodity at a preset cost at a later period. Excess is a percentage of the cost for a commodity that is used in trade. 

Therefore, assuming a margin payment on gold futures contracts is ten percent, an organization may open an investment valued exactly ten times what it has put in as extra capital.

The Bhartiya Janta Party is attempting to divert focus away from the Punjab National Bank scam by accusing the UPA’s 80:20 importation of Gold program

While the Bhartiya Janta Party & Congress argue regarding how the plan is responsible for the ensuing Nirav Modi-Mehul Choksi scandal, trade professionals believe the burden remained on regulatory authorities. 

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Anticipating political consequences from Nirav Modi & Mehul Choksi’s enormous deception at the Punjab National Bank, the party in power, Bharatiya Janata Party is attempting to distract the general public by pinning it upon the Congress-led Former government’s 80:20 gold importation plan.

According to the report of website, The policy, which went into effect in the month of August 2013, required no less than twenty percent of imported gold to be exported. 

It had the goal to reduce imports of the yellow metal, Gold while also reducing the nation’s massive current account shortfall, which at first was putting stress on the rupee.

Reaching that degree, was effective, as the country’s gold imports plummeted by twenty-five percent from a year earlier to 638 tonnes during 2013 and 2014. 

The reduction in terms of value remained much greater, at 35 percent, with imports of gold falling at Rs l.60 lakh crore during 2013-2014 versus Rs 2.45 lakh crore the previous year.

The CAD model declined from an all-time high of $87.8 billion or 4.8% of GDP in 2012-2013 to a record low of $32.4 Crore or 1.7% of GDP in the year 2013-14, owing primarily mainly a drop in yellow metal imports.

Prior to the Punjab National Bank scandal, the BJP-led NDA administration discovered no shortcomings with the 80:20 gold importation program. 

In the context of reality, then-Commerce Minister Nirmala Sitharaman supported the program in Cabinet in the month of August 2014. 


Notably, the Bhartiya Janta Party claims that the central bank’s choice favored a few individuals at the expense of other people.

Replying to the Bhartiya Janta Party, Congress spokesman Randeep Singh Surjewala questioned Prasad whether the program was a fraud or not he would support filing an accusation over Sitharaman. 

According to data that has been released Mehul Choksi’s, Nirav Modi’s uncle’s businesses’ sales & income increased by over 200 percent when the Modi administration terminated the 80:20 program on the 28th of November the year 2014. 

It lost Rupees 22.65 crore during 2013-2014 yet returned to profitability in the year 2014-15, earning Rupees 18.86 crore.

Will the repeal of the ‘Gold Importation Program 80:20’ not end up resulting in the unrestricted importation of gold by people including Nirav Modi & Mehul Choksi? Does it not end up in a 200 percent reversal in the fortune of their businesses from deficits to profits? Surjewala stated this during an interview with the media while referencing information.

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During 2013-2014, the nation’s jewelry and gemstone shipments declined eleven percent to a value of $34 billion.  Throughout the course of the year, the worldwide shipment of gold jewelry & medals dropped by 39.50%.  

Due to the Gems & Gold Export Development Council, the drop in precious metals production was mostly due to gold scarcity, which restricted the scope for trading among numerous Indian players.

The loss in the worth of Schmuck and gemstones imports was additionally affected by the drop in worldwide the price of gold.

Arvind Mayaram, the then-finance secretary, stated in the month of August 2014 that there was no requirement to evaluate the 80:20 system because it had been doing work fine.

The government raised the tariffs on imports beginning gold form between two and six percent on the 21st of January.

During June, the federal government increased the levy on gold imports from six percent to eight percent, it was then increased to ten percent on the thirteenth of August.

Previously, individual dealers could only acquire gold for exportation. However, on May 21, the Reserve Bank of India granted permission for twelve commercial businesses, notably Rajesh Exports Limited & Kanak Exports, to bring in gold via the 80:20 structure.

Following the implementation of the revised regulations, the nation’s demand for gold surged between the first of June through the 28th of November, the day that Prime Minister Modi canceled the program.

The Bhartiya Janta Party attributed it to the Reserve Bank of India’s choice to allow individuals to bring in gold via the 80:20 program. 

Nevertheless, trade professionals maintained there was absolutely nothing incorrect with the system fundamentally so surveillance organizations took responsibility for the shipment increase.

About Rajesh Mehta  

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Rajesh Mehta was raised in Bengaluru on the twentieth of June the year 1964, to Jasvantrai Mehta & Chandrika Ben Mehta. He grew up in the city of Bengaluru as the youngest of three brothers, Bipin, Prashant, & Mahesh, in a lower middle-class Jainism household. 

In the year 1946, his biological father moved from Morbi, Gujarat to Bengaluru to begin working for a company that was privately owned. 

Subsequently, he resigned from his position & established the Rajesh Exports Limited Diamond Corporation in Gujarat, India, dealing gems that were semi-precious.

About Rajesh Exports Limited 

Logo of Prashant Mehta Rajesh’s company

Mr. Jasvantrai Mehta ran an obscure company delivering semi-precious gems to merchants throughout the southern part of India. Mr. Prashant Mehta began aiding his company in the year 1978. 

Mr. Prashant Mehta Rajesh had been a deserving youngster who graduated with honors. He dropped out of school in 1981 to help his dad with the company he owned. 

Mr. Rajesh Mehta & Mr. Prashant Mehta developed an idea for the jewelry industry & wished to create a jewelry firm. Mr. Bipin Mehta, his elder brother, handed them the amount of Rs. 1200 to establish the company, which effectively constituted the original capital that is now a Rs. 20,000 billion enterprise.

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The company established an initially structured gold jewelry production operation in a tiny town in Bengaluru by bringing skilled employees from Maharashtra. 

They received the initial order for export from the United Kingdom in the year 1989. Rajesh Exports Limited was capable of rapidly growing up its production and sales by adhering to stringent standards of excellence while creating innovative patterns.

Rajesh Exports Limited receives a shipment order worth Rupees 1,122 crores

Rajesh Exports Limited has received a request for gold-encrusted jewelry, in addition to medallions, that will be sold to the Emirates. The entire value of this purchase is Rupees 1,122 crore. Rajesh Exports Limited is an Indian gold jewelry company that distributes its merchandise all over the world for the finest prices.

About SUBH Jewellers 

Rajesh Exports Limited’s retailing company name is SHUBH Jewellers. Shubh Jewellers was founded in the year 2012, yet there are already 80 shops in southern Karnataka. The organization has transformed the jewelry market by providing consumers with the greatest patterns & certified quality at reasonable costs. 

It recently launched the ‘Real Rate Per Gram’ program, in which the greatest patterns of jewelry of verified quality are offered by the kilogram at the rate of gold, with absolutely no additional expenses of any sort. Shubh exclusively sells pure hallmark-stamped jewelry.

Final Thoughts 

Rajesh Exports Limited belongs to one of the globe’s biggest producers of gold items. The organization’s overall net income increased by 27 percent to Rupees 372 billion on sales which increased by 94.62% to Rupees 80,270.06 billion. unfortunately, a Kerala magistrate granted an arrest warrant without bail to Prashant J Mehta for selling of gold in the state’s marketplace.

Prashant Mehta Rajesh: Is He Involved in Illegal Imports? (2024)
Prashant Mehta Rajesh: Is He Involved in Illegal Imports? (2024)

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  1. It would happen in most cases when criminals were captured by the regulatory authority then political parties start blaming each other The congress parties’ spokesperson started questioning the Central government for their inconvenience as these types of fraud were still happening and the ruling government, but this is not the right way to solve these types of issue as these are the tactics of the political parties for their vote bank and nothing else.

  2. How do these criminals escape after committing the crime? Prashant Mehta’s employees were found with 1 kg of gold during the investigation, but when the higher authority questioned him, he denied that Heera Babu was the company’s earliest employee. This type of person is now the source of the country’s increasing corruption. This con man doesn’t think about anything and will do anything for money.

  3. Prashant Mehta Rajesh was granted a non-bailable arrest warrant by a Kerela court for committing such a serious violation by engaging in illegal gold imports and selling in the domestic market. The DRI Directorate of Revenue Intelligence discovered that the corporation was also involved in Rs. 90 core tax evasion during the investigation. It’s ridiculous that these types of criminals were able to flee after committing a crime and that the government and media were unable to cover such crimes.

  4. People like Prasant Mehata Rajesh were involved in such corruption because they looked to make money through the unlawful export of gold in the local market.
    These people can easily conduct crimes, and it is because of the Kerala government’s inefficiency that they were unable to find and deduct these types of cases.
    This individual is smuggling gold and selling it on the country’s domestic market.

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