Forex scam: No relation with Capstone Forex, says Edelweiss CEO Rashesh Shah

By: |
Published: January 13, 2020 2:00 AM

Shah’s statement further said, as per media reports Sanjay Nathalal Shah, chartered accountant and an independent director of few of Edelweiss Group of companies, is alleged to be connected to Capstone.

Rashesh Shah, chairman and CEO, EdelweissRashesh Shah, chairman and CEO, Edelweiss

Edelweiss Group chairman and CEO Rashesh Shah on Sunday said he has no relationship with Capstone Forex and all allegations of Fema violations against him were false.

“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,” Shah said in a statement.

Shah said while it is unfortunate that he was unable to go in person to the Enforcement Directorate (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”.

Shah’s statement further said, as per media reports Sanjay Nathalal Shah, chartered accountant and an independent director of few of Edelweiss Group of 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,” he said.

Shah blamed the media for sensationally reporting false allegations, conjecture and innuendo. “Several have done so without following the standard, responsible practice of first speaking with Edelweiss. Had they done so, you would have been presented with both sides of the story, equally and fairly. We are, therefore, compelled to take appropriate legal action against the concerned media group, in order to protect and reinforce the reputation of Edelweiss”.

He further said “we remain committed to the highest governance standards built on a strong foundation of ethics”.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Instagram retained user deleted photos and private messages for over a year
2Redmi G gaming laptop launched with 10th Gen Intel processor, Nvidia GeForce GTX graphics; details
3Sunil Duggal takes over as Vedanta CEO