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Edelweiss gets ED notice

The bourses had earlier asked Edelweiss to clarify on reports that the ED had summoned group chairman Rashesh Shah
Rashesh Shah
Rashesh Shah
(Wikimedia Commons)

Our Special Correspondent   |   Mumbai   |   Published 10.01.20, 07:50 PM

Edelweiss Financial Services (Edelweiss) on Friday said it has received a communication from the Enforcement Directorate (ED) to appear and provide information about the group’s dealings with a firm called Capstone Forex Pvt Ltd.

“We would like to state that none of our companies have any transaction with Capstone Forex Pvt Ltd,’’ the firm said in a statement to bourses.

The bourses had earlier asked Edelweiss to clarify on reports that the ED had summoned group chairman Rashesh Shah with regard to an alleged Rs 2,000-crore forex scam.

“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 the inference being drawn therefrom,’’ the company added.

Earlier, the shares of Edelweiss Financial Services had tanked almost 10 per cent on news of Shah being summoned by the ED.

On the BSE, the scrip settled 9.56 per cent, or Rs 11.20, lower at Rs 106.



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