Shah, in a statement on Sunday, had denied any wrongdoing in the case and added that Edelweiss has no relationship with Capstone Forex, which is being investigated by the ED.
He had said that his relationship with Sanjay Nathalal Shah, whose role is being investigated in the case, is limited to the chartered acountant being an independent director in multiple companies in Edelweiss Group.
He had promised to fully cooperate in the investigation started by ED.
Informing shareholders about the development, Shah had said, "I am writing to you directly to assure you that Edelweiss has no relationship with Capstone Forex and all allegations of FEMA violations are false."
The chairman had also said he was unable to go in person to ED and had authorised senior representatives to be present with the requisite information.
"Needless to say, if in the future any assistance or support to the investigation is requested from us, we will cooperate fully," he added.
He had also accused media of sensational reporting on "false allegations" and warned of taking appropriate legal action against a media group for reporting on the case.
Shares of Edelweiss Financial Services Ltd on Wednesday closed 1.59 per cent higher at Rs 108.50 on the BSE.
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