New Delhi, June 24 -- The Enforcement Directorate (ED) on Tuesday searched nine locations linked to Bengaluru-based Rajesh Exports Ltd as part of a probe into alleged violations of the Foreign Exchange Management Act (FEMA), people familiar with the matter said. The searches were conducted at premises in Bengaluru and Mumbai, officials said on condition of anonymity. The action comes weeks after the Securities and Exchange Board of India (Sebi) alleged large-scale misrepresentation of revenue by the company and its subsidiaries between FY21 and FY25. In its 109-page interim order issued earlier this month, the regulator said its prima facie findings indicate that Rajesh Exports overstated and misrepresented the group's operational scale and financial performance between FY21 and FY25. It alleged that about Rs.15.15 trillion, or 99.8% of revenue attributed to the company's subsidiaries during the period, was misrepresented. The Sebi investigation stemmed from a shareholder complaint in March 2024 that raised concerns about large outstanding trade receivables. The regulator subsequently barred the company's chairman and managing director, Rajesh Mehta, from buying, selling or otherwise dealing in securities of Rajesh Exports until further orders. According to ED officials, Rajesh Exports Ltd is under the scanner for Benami share transactions. "Investigation reveals multiple transactions of Rajesh Exports Ltd shares by benamidaars. Over $20 million was siphoned out of the country," the officer said. Subsequently, the agency has found mismatch in its gold stock inventory. HT reached out to Rajesh Exports for a comment on ED action but did not receive a response....