FEMA violation case: ED questions Edelweiss group chairman

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Updated: January 15, 2020 10:06 PM

The businessman arrived at ED office in south Mumbai's Fort area around noon and exited after 5 pm, officials said.

FEMA violation case, Edelweiss Group Chairman, Rashesh Shah, Shares of Edelweiss Financial Services LtdThe chairman had also said he was unable to go in person to ED and had authorised senior representatives to be present with the requisite information.

Edelweiss Group Chairman Rashesh Shah on Wednesday questioned by the Enforcement Directorate for five hours in a Foreign Exchange Management Act violation case. This was the second time that the ED had summoned Shah after he failed to appear last week.

The businessman arrived at ED office in south Mumbai’s Fort area around noon and exited after 5 pm, officials said. Details on the information sought from him were not immediately available. Shah, in a statement on Sunday, had denied any wrongdoing in the case and said Edelweiss has no relationship with Capstone Forex, which is being investigated by the ED.

He had said that his relationship with Sanjay Nathalal Shah, whose role is being investigated in the case, is limited to the chartered accountant being an independent director in multiple companies in Edelweiss Group. He had promised to fully cooperate in the investigation started by the ED.

Shah had said he was unable to go in person to the ED and had authorised senior representatives to be present 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,” he had said.

Shah had also accused media of sensational reporting on “false allegations” and warned of taking appropriate legal action against a media group for reporting on the case. Shares of Edelweiss Financial Services Ltd on Wednesday closed 2.01 per cent higher at Rs 108.95 apiece on the BSE.

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