The Ministry of Heavy Industries (MHI) is poised to make a significant decision regarding Rajesh Exports' participation in the production-linked incentive (PLI) scheme for advanced chemistry cell (ACC) battery storage. This follows an interim order from the Securities and Exchange Board of India (SEBI), which alleges that the Bengaluru-based company engaged in massive financial fraud. According to SEBI, Rajesh Exports inflated its revenues by ₹15.15 lakh crore between FY21 and FY25, which constitutes approximately 99.8% of the revenues attributed to its subsidiaries during this period. The allegations also include fund diversion and lack of transparency in related-party transactions involving its lithium-ion cell business. Rajesh Exports' promoter, Rajesh Mehta, has been barred from dealing in the company's securities as the investigation unfolds. The MHI is currently reviewing SEBI's findings to determine the next steps, with a final decision expected soon. Rajesh Exports has denied the allegations and asserts that it is cooperating fully with the ongoing investigation.