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We do not have any relationship with Capstone Forex, says Edelweiss

Claims that Sanjay Shah is director at some group companies; no other link

Abhijit Lele  |  Mumbai 

Enforcement directorate
The regulators and agencies have an obligation to investigate.

on Sunday said its group entities do not have any relationship with Capstone Forex, which is being probed by the (ED) for an alleged multi-crore forex violation.

The firm also said Sanjay Nathalal Shah, independent director on some group firms, who is under scanner for alleged connection with Capstone, has no other relationship with the group. Rashesh Shah, chairman and chief executive, Financial Services group, said all allegations of the Foreign Exchange Management Act (FEMA) violations were false. “Sanjay Nathalal Shah has no other association with the group. Nor is he in any way related to me. Shah is a common name,” Shah added.

The regulators and agencies have an obligation to investigate. “If any information is sought from us, as a responsible corporate house, we will, of course, provide the same,” Edelweiss said in a statement.

Shah has been asked to appear on January 13. Shah was earlier called to join the investigation on January 9. However, he is learnt to have sought some time due to personal engagements. The information about the case first surfaced after a whistle-blower wrote a letter to the government agencies.

First Published: Mon, January 13 2020. 00:21 IST
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