Investigation into suspected fraud against the Sanjeev Gupta Group in Britain


The British authorities announced, Friday, that the empire of steel mogul Sanjeev Gupta is under investigation for suspicions of fraud and money laundering in the conduct of its business, including its relations with the bankrupt “Greensel” group.

The “Serious Fraud Office” (SFO), which performs financial prosecution duties, is conducting an “investigation into suspicions of fraud, fraudulent trade and money laundering” within the companies owned by the “GFG” group, including its “financial relations with Greensel,” according to a statement that did not include details. Additional «due to ongoing investigations».

The investigation represents yet another blow to the group shaken by the downfall of Greensel, the controversial short-term loan company.

GFG was among Greensel’s major clients and owed it billions of dollars at the time of its bankruptcy.

The metallurgical empire owned by the British Indian Sanjeev Gupta is looking for new sources of financing, especially to avoid closing factories in the steel sector, “Liberty Steel”.

A source familiar with the file told France Press last week that the UK-based Liberty Steel Company was close to completing a loan of 200 million pounds offered by the White Oak investment firm.

And these funds could have helped had the agreement succeeded in giving a payment to the steel group, allowing it to avoid bankruptcy after the government refused to lend the group, due to its lack of transparency. (AFP)


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