India, June 23 -- The Enforcement Directorate (ED) conducted searches against Rajesh Exports, which is already under scrutiny by the Securities and Exchange Board of India (SEBI) over alleged financial irregularities, official sources said.

According to officials, the searches are being carried out under the Foreign Exchange Management Act (FEMA) at locations linked to the Bengaluru-headquartered company in Bengaluru and Mumbai.

SEBI, in an interim order, has alleged that Rajesh Exports inflated its consolidated revenues by more than Rs.15 lakh crore over a five-year period by attributing large revenues to its overseas subsidiaries, particularly Switzerland-based Valcambi SA, despite audited financial statements indicating significantly...