Serious Fraud Office launches money laundering probe into business empire of Liberty Steel owner Sanjeev Gupta over financial deals with Greensill
The business empire of Liberty Steel owner Sanjeev Gupta is under investigation by the Serious Fraud Office.
It is probing suspected fraudulent trading and money laundering, including its financing arrangements with failed company Greensill Capital UK.
Sanjeev Gupta, head of the GFG (Gupta Family Group) Alliance, gestures as he speaks
‘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,’ the investigators said in a statement on Friday.
They added: ‘As this is a live investigation, the SFO can provide no further comment.’
Mr Gupta’s companies were among the main clients of Greensill Capital before it collapsed earlier this year.
GFG’s reliance on Greensill caused many to worry that it might itself be at risk following the finance firm’s demise.
Earlier this week Greensill founder Lex Greensill and David Cameron, who lobbied for the company, appeared before Parliament.