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David Cameron at risk of being drawn into fraud inquiry over Sanjeev Gupta s steel empire
Serious Fraud Office investigation will examine suspected fraud, fraudulent trading and money laundering at firms owned by GFG Alliance
14 May 2021 • 7:34pm
David Cameron is at risk of being drawn into a criminal inquiry after the Serious Fraud Office launched an investigation into the business empire of steel tycoon Sanjeev Gupta.
The SFO is investigating allegations of fraud and money laundering at Mr Gupta s company GFG - including the company s relationship with Greensill, its biggest lender. Greensill executives are expected to be interviewed as part of this process.
UK opens fraud probe into Greensill-linked steelmaker
Issued on:
14/05/2021 - 12:46 GFG Alliance, owned by Indian-British billionaire Sanjeev Gupta, had been Greensill s biggest customer at the time of the finance giant s notorious collapse. BEN STANSALL AFP/File 4 min
London (AFP)
Britain s Serious Fraud Office on Friday launched a probe into steelmaker GFG Alliance, focusing partly on links with its collapsed financier Greensill.
GFG Alliance, owned by Indian-British billionaire Sanjeev Gupta, had been Greensill s biggest customer at the time of the finance giant s notorious collapse.
GFG said it would cooperate fully with the investigation.
Greensill s spectacular implosion threatens 50,000 jobs at companies around the world that relied on its financing for their supply chains, including GFG.
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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.