[ By Bobby Anthony ]The Enforcement Directorate (ED) has questioned Rashesh Shah, Founder Chairman & CEO of Edelweiss Financial Services Ltd Rashesh Shah, for five hours at its Ballard Estate office in Mumbai.Earlier, he was summoned by the ED to record his statement in connection with an alleged Rs 740-crore foreign exchange violation by a Mira Road company linked to Edelweiss, called...
The Enforcement Directorate (ED) has questioned Rashesh Shah, Founder Chairman & CEO of Edelweiss Financial Services Ltd Rashesh Shah, for five hours at its Ballard Estate office in Mumbai.
Earlier, he was summoned by the ED to record his statement in connection with an alleged Rs 740-crore foreign exchange violation by a Mira Road company linked to Edelweiss, called Capstone Forex, which is being investigated for alleged violation of the Foreign Exchange Management Act (FEMA).
The ED has also asked Rashesh Shah to submit a few documents and any decision about further action would be taken only after examining them.
Capstone Forex is being investigated by the ED for alleged illegal outward remittances using forged Know Your Customer (KYC) documents.
The ED is also investigating the role of Sanjay Shah, who until very recently used to be an independent director of Edelweiss group companies, in financial transactions involving Capstone Forex.
The ED is probing if Sanjay Shah executed business transactions with Capstone Forex in his individual capacity or in the interest of Edelweiss.