IndianBankers

20/06/2026

Rajesh Exports Part II: Alleged Accounting Mirage and the Forensic Unfolding
A follow‑up to our earlier article, tracing how ₹15.15 lakh crore in reported revenues surfaced as a global accounting controversy.

👉 Read here: https://lnkd.in/gRRtKduN

In our last article, we examined SEBI’s sudden interim order that shook confidence in Rajesh Exports. That piece highlighted how opacity in corporate disclosures can destabilize citizen trust in financial governance. This follow‑up turns the lens to the forensic details — tracing how alleged accounting practices at Rajesh Exports left even bankers, auditors, and seasoned finance professionals bewildered.

Until early June 2026, Rajesh Mehta and his company were little known outside bullion circles. Rajesh Exports operated quietly, projecting itself as a global gold refiner through its Swiss arm, Valcambi SA, but remained absent from mainstream financial debate. That obscurity ended abruptly when SEBI’s order alleged inflated consolidated revenues of ₹15.15 lakh crore between FY21 and FY25. As reported by NDTV Profit, the Indian Express, and Firstpost, the regulator also flagged receivables outstanding for years, auditor non‑cooperation, and layering of fund flows — anomalies that could no longer remain concealed.

The surfacing of these allegations transformed Rajesh Exports from a niche bullion player into a headline controversy. Bankers and auditors who had never scrutinized the company closely were suddenly confronted with figures that defied logic. The company’s rebuttal — that SEBI merely confused EBITDA with revenue — only deepened the debate. A forensic lens is now essential to cut through the fog and examine what really happened.

14/06/2026

Rajesh Exports: India’s Global Gold Giant Under Citizen Scrutiny

The Rajesh Exports scandal is more than a corporate misstep — it is a mirror reflecting systemic fragility.

Promoters allegedly speculated with shareholder capital, auditors signed off on inflated accounts, regulators delayed despite early complaints, banks lent against illusions, and institutions like LIC absorbed risks that mutual funds had long avoided. Each lapse compounded the others, leaving citizens to pay the price.

For retail investors, the collapse was immediate — trapped in lower circuits and watching savings vanish. For policyholders, LIC’s exposure compounded losses. For depositors and taxpayers, Canara Bank’s ₹509 crore distressed loan showed how misrepresentation cascaded into the credit system.

The citizen’s verdict is clear: when governance fails, citizens always pay first.
This remains a developing story. SEBI’s interim order is under further examination, NFRA has initiated its probe, and Rajesh Exports has publicly contested the findings. More facts may emerge, but the lessons are already visible. Without systemic accountability — across promoters, auditors, regulators, banks, and institutions — scandals will recur, eroding not just wealth but confidence in the very safeguards meant to protect it.

From Valcambi’s refining empire to crackdown — this is an investigative citizen‑centric inquiry into inflated revenues, promoter trades, LIC’s silence, and delayed regulation exposing systemic cracks in financial governance.
👉 Read my full article published in Newsclick: https://lnkd.in/gVyyg8iN

hashtag hashtag hashtag hashtag hashtag hashtag
hashtag hashtag hashtag hashtag hashtag
hashtag

26/05/2026

Expected Credit Loss ( ELC ) isn’t just accounting reform—it’s a reminder that every banker’s lapse is silently redistributed onto citizens.

We often hear reforms described in technical jargon, but behind every acronym lies a citizen story.
In my latest article, I examine the Expected Credit Loss (ECL) framework — hailed as a milestone in banking regulation. On the surface, it looks like progress. But dig deeper, and you see how ECL shifts the burden: banker profligacy, lending lapses, and frauds are not absorbed by institutions alone — they are silently redistributed onto the public.
This is not just about accounting standards. It is about whether reforms restore citizen control over finance or entrench opacity. My analysis argues that accountability, not jargon, must be the true hallmark of reform.

👉 Read the full article here: https://lnkd.in/dcPsbqnj

I invite you to reflect on this reality and share how we can build a financial system that is genuinely accountable to its citizens.

05/05/2026

Do we need greater transparency in RBI’s defence of the rupee?
Rupee Stability or Rupee Mirage?

India grows at 6.5%, yet slips in global rank. The Reserve Bank of India projects stability through spot sales, forwards, and swaps. Headlines reassure markets, but citizens still face inflation, eroded savings, and costly imports.
In my article published in NewsClick on 23 April 2026, I examine whether this stability is genuine strength or a carefully managed illusion. Spot interventions drain reserves, forwards defer burdens, and swaps inject liquidity today while absorbing it tomorrow. Offshore hedging remains unchecked.

The contradiction is stark: stability is visible, sacrifice invisible. Citizens ask—if the rupee is “defended,” why do household costs keep rising? My analysis argues that stability without transparency is not strength; it is a mirage.

👉 Read the full article here:https://lnkd.in/gqnBdauZ

24/03/2026

Banks are offering higher FD rates, but is this generosity or a sign of funding stress?
I explore the widening gap between credit growth and deposit growth in my latest NewsClick article.

Read here: https://lnkd.in/gvrd8eSE

Key Highlights

• Deposit Wars: Banks are aggressively competing for deposits with special FD offers, higher rates, and flashy campaigns.
• Underlying Stress: What appears as generosity to depositors is actually a survival tactic, as credit growth (~14.6% YoY) is outpacing deposit growth (~12.5% YoY).
• Citizen Impact: The imbalance signals fragility in the banking system, raising concerns about funding stress and long-term sustainability.

Why It Matters

• For Depositors: Higher FD rates may seem attractive, but they reflect systemic stress rather than generosity.
• For Policymakers: The widening gap between lending and saving highlights the need for regulatory vigilance.
• For Citizens: Understanding these signals helps in making informed financial decisions and recognizing early warning signs of instability.

This link will take you to a page that’s not on LinkedIn

27/02/2026

Invisible Debt: The Silent Trap in India’s Digital Finance

BNPL schemes and embedded credit lines are quietly turning citizens into borrowers without consent. What looks like convenience is often invisible debt—unregulated, unrecorded, and dangerously easy to trigger.

Banks and fintechs are shifting risks onto unsuspecting users, while regulators lag behind. If India’s financial future is to remain democratic, visibility and consent must be restored.

👉 Read my full article published in NewsClick here:

03/02/2026

’s 300% penalty clause has triggered panic among .
My article “The 300% Penalty Trap: Why NRIs and Their Families Deserve Clarity, Not Punishment” is now published in Newsclick (Feb 2, 2026).
It calls for clarity, proportionate enforcement, and citizen centric reform.
The piece explains what’s safe vs. risky for NRIs under current rules — essential reading for families and friends connected abroad.
👉 Read here: https://lnkd.in/g3TBQev5 (newsclick.in in Bing)

02/02/2026

Cover Image of my Linkedin account 'Kulwinder Singh Sethi'.