Authorities have uncovered a scandal involving accounting irregularities worth $159 billion (CHF127 billion). A gold refinery in Ticino and a holding company in Lucerne are at the centre of the case. Rajesh Exports is India’s fourth-largest company by turnover. But it now appears that much of its reported business was little more than hot air. The figures reported by its Swiss subsidiaries were inflated, while actual earnings were 99% lower than stated. This is the conclusion of a more than 100-page report by the Securities and Exchange Board of India (SEBI). Rajesh: growing up with gold Rajesh Exports is a listed company in India and is big in the gold business, making gold jewellery and supplying thousands of shops. The company is based in Bangalore and is controlled by company founder Rajesh Mehta, who is also the company’s CEO and President. Indian authorities accuse Rajesh Exports of deception, fraud, lack of transparency and manipulation. The company allegedly overstated its …