Tycoon Sanjeev Gupta's commodities empire is being investigated by Britain's Serious Fraud Office in a probe that encompasses the conglomerate's links to collapsed lender Greensill Capital, the SFO said on Friday.
The SFO is looking into suspected fraudulent trading and money laundering at companies in the GFG Alliance.
It will include the financing that was provided by Greensill, which entered administration in March.
The investigators said in a statement on Friday: “The SFO is investigating suspected fraud, fraudulent trading and money laundering in relation to the financing and conduct of the business of companies within the Gupta Family Group Alliance (GFG), including its financing arrangements with Greensill Capital UK Ltd.
“As this is a live investigation, the SFO can provide no further comment.”
A GFG Alliance spokesperson said: “GFG Alliance notes the UK Serious Fraud Office (SFO)’s announcement that it has opened an investigation into GFG Alliance.
British Fraud Unit Is Investigating Gupta and Greensill
The inquiry will focus a spotlight on a steel magnate and a financier whose business collapse has provoked a scandal in Britain.
Sanjeev Gupta, head of the Gupta Family Group Alliance, which is being investigated on suspicion of fraud and money laundering.Credit.Ben Stansall/Agence France-Presse Getty Images
May 14, 2021Updated 11:53 a.m. ET
Britain’s financial crime unit is investigating suspected fraud and money laundering involving the businesses of Sanjeev Gupta, whose global metals empire ballooned in recent years with the aid of billions of dollars in financing from the failed firm Greensill Capital.