Edelweiss Group has denied media reports that it is being probed by the Enforcement Directorate in connection with a forex scam.
In a statement, Edelweiss Chairman & CEO Rashesh Shah said that Capstone Forex Pvt Ltd, and not Edelweis, is under the FEMA infringement ED scanner. “Edelweiss has no relationship with Capstone Forex Pvt Ltd and all allegations of FEMA infringements are false,” Shah said in a statement.
Rashesh Shah was recently asked by ED to appear for questioning but he failed to comply. Clearing the air on the incident, Rashesh Shah said, “We appreciate that regulators and agencies have an obligation to investigate; if any information is sought from us, as a responsible corporate citizen, we will of course provide the same. While it is unfortunate that I was unable to go in person to the Directorate of Enforcement (ED), our senior authorised representative did attend in person with the requisite information. Needless to say, if in the future any assistance or support to the investigation is requested from us, we will cooperate fully.”
“Media reports suggest that Sanjay Nathalal Shah, Chartered Accountant and an independent director of a few of our group companies, is alleged to be connected to Capstone. Let me reiterate that he has no other association with the Edelweiss Group, nor is he in any way related to me; you will appreciate that Shah is a common name,” the statement said.
“I would like to personally reiterate that these allegations are false and we remain committed to the highest governance standards, built on a strong foundation of ethics. We take our responsibilities as good corporate citizens extremely seriously. We find our strength in the unshaken trust reposed by our customers, shareholders, partners and employees,” the statement signed by Edelweiss Chairman said.