Simple.
Investors thought Rajesh Exports was doing business worth lakhs of crores.
SEBI is now asking: was this real business, or was the company just showing the full value of gold passing through its system as revenue?
Example: A toll booth cannot say every car passing through it is its revenue. It can only show the toll fee.
That is basically the issue here.
If revenue is doubtful, then profit is doubtful.
If profit is doubtful, then cash is doubtful.
If cash is doubtful, then valuation is doubtful.
This is still an interim SEBI order, not a final judgment.
But the lesson is simple:
Big revenue does not mean big business.
Audited numbers also need trust, proof, and cash flow.