New Delhi, June 4 -- Congress MP Jairam Ramesh on Thursday raised serious concerns while citing a recent interim report by the Securities and Exchange Board of India (SEBI) alleging large-scale financial irregularities at Rajesh Exports, and questioned the role of the Life Insurance Corporation of India (LIC), claiming that it holds a significant stake in the company.

In an 'X' post, Ramesh said SEBI, in its interim report dated June 3, had alleged a "gigantic scam" involving Rajesh Exports, a company engaged in the gold refining and jewellery business.

He stated that the market regulator has alleged a massive misrepresentation of revenues spanning the period from 2020-21 to 2024-25, with the amount involved potentially reaching Rs 15 l...