Corporate affairs ministry probes irregularities at Edelweiss' ARC Arm

Indian regulators are investigating allegations of financial irregularities at the asset reconstruction arm of Edelweiss Financial Services Ltd., people with direct knowledge of the matter said.

The corporate affairs ministry is inspecting books of accounts at the financial services firm, the people said, asking not to be identified as the matter is not public. They did not give further details.

Calls and e-mail sent to Shalaka Kagathra, head of public relations at Edelweiss group remains unanswered. A finance ministry spokesman didn’t immediately respond to calls made to his mobile phone.

Earlier, Moneycontrol reported corporate affairs ministry had ordered inspection of books at Edelweiss.