UK's Anti-fraud Agency Probes Sanjeev Gupta-led GFG Alliance

The UK’s Serious Fraud Office said on Friday that it is investigating suspected fraudulent trading and money laundering related to companies within the Gupta Family Group Alliance, led by British-Indian businessman Sanjeev Gupta. GFG Alliance includes the embattled Liberty Steel business that continues to find alternative financing after its main backer, Greensill Capital, collapsed in March. 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, including its financing arrangements with Greensill Capital UK Ltd, an SFO statement said. GFG Alliance notes the UK Serious Fraud Office’s announcement that it has opened an investigation into GFG Alliance.