One of India's largest gold exporters paid its managing director just $180 a month, investigators say in accounting probe

One-ounce gold bars at the Valcambi SA precious metals refinery in Balerna, Switzerland, on Friday, Sept. 9, 2025. Valcambi SA, Switzerland's largest refiner, processes up to 2,000 tons of precious metals a year at its site in Balerna on the border with Italy. Photographer: Francesca Volpi/Bloomberg via Getty Images Bloomberg | Bloomberg | Getty Images Indian authorities uncovered multiple accounting and operational irregularities at one of the country's largest gold companies, Rajesh Exports , according to an investigation released Wednesday, weeks after market regulators raised concerns over the company's reported revenue. The Bengaluru-based company, which also owns Switzerland-based major gold refiner Valcambi, reported consolidated revenue of more than 7.7 trillion rupees ($81 billion) last year, the Directorate of Enforcement said in a statement. Its managing director was paid a monthly salary of 17,000 rupees (around $180) and the chief financial officer had not received a salary since 2020, the agency said. "The company's key business indicators showed significant departures from normal commercial practices," the agency said. Shares of the company dropped around 5% on Thursday before hitting the exchange-imposed lower trading limit, according to data on LSEG. …