The Ministry of Heavy Industries (MHI) is considering removing Rajesh Exports from the Production Linked Incentive (PLI) scheme due to serious allegations from the Securities and Exchange Board of India (Sebi). Sebi claims that Rajesh Exports may have inflated its revenues by approximately ₹15.15 lakh crore from FY21 to FY25, primarily from overseas subsidiaries, particularly Valcambi SA in Switzerland. The regulator has ordered a forensic audit and has barred the company's promoter and CEO, Rajesh Mehta, from trading in its securities. Sebi's investigation revealed that 97% to 99% of the company's consolidated revenue was unverified and lacked sufficient documentation. The discrepancies include inconsistent sales figures for the same customers and periods, and the absence of audited financial statements for several subsidiaries. The final decision regarding Rajesh Exports' PLI status will be made by Heavy Industries Minister HD Kumaraswamy, with implications for other beneficiaries of the scheme, including major firms like Reliance New Energy Solar and Ola Electric Mobility.