The UK Serious Fraud Office has opened an investigation into suspected fraud, fraudulent trading and money laundering at Sanjeev Gupta’s metals empire, including its relationship with Greensill Capital.
The SFO said it was scrutinising “the financing and conduct of the business of companies within the Gupta Family Group Alliance (GFG), including its financing arrangements with Greensill Capital UK”.
The anti-graft agency has come under pressure to investigate Gupta’s steel conglomerate in the wake of reporting in the Financial Times which revealed that suspicious invoices were provided by Gupta to Greensill in exchange for cash. Gupta has denied wrongdoing and Greensill was not obliged to check invoices.
Politicians including Tory MP Richard Fuller have publicly called on the SFO to step in.
GFG Alliance employs 35,000 people at metalworks stretching from Wales to Australia.
This story is developing . . .