Mumbai, Jan 15 : The Enforcement Directorate here on Wednesday questioned Edelweiss Chairman and CEO Rashesh Shah for his alleged involvement in the illegal remittance of around Rs 740 crore carried out by the agency.
Rashesh was accompanied by his lawyers at the ED office, and he was asked several question related to the transaction, sources said. The transactions under inquiry are said to have happened between 2016 and 2018 where a company named Capstone Forex had remitted Rs 740 crore without following proper procedure of KYC for outward remittance. In between, Sanjay Nathalal Shah on Tuesday resigned as an independent Director of Edelweiss Subsidiaries.
He was also an independent Director on boards of Edelweiss Finvest Private, Edelweiss Fund Advisors Private and Edelweiss Retail Finance. The ED had summoned Mr Rashesh on January 9 but he sought an adjournment to a further date through his representative.
Capstone Forex was run from a small office located in the Mira Bhayander area in Thane district. Issuing a statement, Mr Rashesh said, "We have received communication from the Enforcement Directorate to appear and provide information about Edelweiss Group Companies dealings with a company called Capstone Forex.
We would like to state that none of our companies have any transaction with the company Capstone Forex.” “We further deny the wild baseless allegations contained in the news items which are apparently attributed to unidentified sources. We are in fact shocked at the spread of unauthenticated allegations and inference being drawn therefrom,” he added. The statement also mentioned that Sanjay was an independent Director in some of Edelweiss group companies but was not related to Rashesh. (UNI)