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Probe launched

Serious Fraud Office to investigate Gupta empire

Liberty Steel

Liberty Steel is a key part of the group

The Serious Fraud Office (SFO) said today it is launching a fraud and money laundering investigation into steelworks owner Sanjeev Gupta’s business empire.

The inquiry follows the collapse of the Greensill Capital, the main funder to the Gupta Family Group (GFG) alliance.

In a statement the SFO said: “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.”

LIberty-Steel-Dalzell

The Liberty group owns the Dalzell works

GFG said in a statement that it would cooperate fully with the investigation.

The announcement comes a day after former prime minister David Cameron faced intense scrutiny by MPs over his lobbying on behalf of Greensill over access to a Bank of England emergency business support scheme set up at the onset of the coronavirus crisis.

Mr Gupta’s GFG Alliance controls Liberty Steel, whose 3,000 workers have been facing uncertainty since Greensill’s demise.

The Financial Conduct Authority said on Tuesday it was formally investigating the UK operations of Greensill as part of global probes.



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