Investment firm Morgan Stanley has sold 37.86 lakh shares of scam-hit jewellery firm Gitanjali Gems through open market transactions.
With this, the shareholding of Morgan Stanley Mauritius Company Ltd and Morgan Stanley (France) has come now down to 2.06 per cent from 5.25 per cent, media reports said.
On May 9, Morgan Stanely sold 37,86,860 shares of Gitanjali Gems, a PTI report quoted a regulatory filing as pointing out.
In a separate development, Nirav Modi-controlled US firms have been found to be the recipients of at least $46 million (or over Rs 300 crore) in remittances from Punjab National Bank (PNB) since 2011, media reports quoted findings of accounting firm BDO’s ongoing forensic investigation shared with an American court as suggesting.
If these funds were routed through the firms back to the now fugitive diamantaire without ever being used for the import of semiprecious or precious stones, they may complete the money trail behind India’s largest banking fraud that went undetected for seven long years, reported Economic Times.
Central investigating agencies such as the CBI and the Enforcement Directorate are looking into the over Rs 13,000-crore fraud at Punjab National Bank (PNB) allegedly involving jeweller Nirav Modi and his uncle Mehul Choksi, the promoter of Gitanjali Gems.