The UK Serious Fraud Office has opened in Sanjeev Gupta’s Metal Empire to investigate suspected fraud, fraudulent business and money laundering related to Greensil Capital.
The SFO said it was investigating the financing and conduct of businesses of companies in the Gupta Family Group Alliance (GFG), including financial institutions, with Greensil Capital UK.
The Financial Times reported that the anti-graft agency was under pressure to investigate Gupta’s steel conglomerate, which revealed that Gupta had provided suspicious shipments to Greensil in exchange for cash. Gupta denied the wrongdoing and was not obliged to examine the Greensil invoices.
Politicians, including Tory MP Richard Fuller, have publicly called on the SFO to take action.
The GFG Alliance employs 35,000 people in the metallurgical industry, which extends from Wales to Australia.
This story is evolving. . .