Investigators interview staff at Gupta’s GFG Alliance sites across Britain


Steel tycoon Sanjeev Gupta arrives at the Department for Business, Innovation and Skills in London, Britain in this April 5, 2016 file photo. REUTERS/Stefan Wermuth

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LONDON, April 27 (Reuters) – Investigation teams have gone to the UK addresses of the GFG Alliance of Indo-British steel tycoon Sanjeev Gupta, demanding documents including balance sheets, annual reports and other matches, the UK Serious Fraud Office (SFO) said.

The SFO, which opened an investigation into suspected fraud, fraudulent trading and money laundering at the Gupta Family Group Alliance (GFG) last year, said investigators spoke to senior executives on Wednesday. to addresses across the country.

The agency said the executives cooperated but declined to comment further on an ongoing investigation.

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The move adds pressure on Gupta, which is struggling to refinance its international network of steel, aluminum and energy businesses following the collapse of the supply chain finance company Greensill Capital. Read more

The SFO’s enhanced investigation, in which the agency issued so-called Section 2 notices – used to coerce information and documents from witnesses and potential suspects – comes a week after authorities French companies visited the GFG office in Paris as part of an ongoing investigation.

A GFG spokesman declined to comment on the UK operation. But in an internal memo seen by Reuters, staff were told the company had consistently rejected any wrongdoing and pledged to cooperate fully.

“We appreciate that these investigations may be disruptive and of concern to employees and stakeholders. However, we are encouraged that the investigation is now progressing and closer to a conclusion,” he said.

“We will be reaching out to key stakeholders to brief and update them, to ensure they are aware and reassured that we are cooperating fully and that we already have best practices in place to deal with such requests for information. “

The SFO announced in May 2021 a criminal investigation into the funding and conduct of corporate activities within GFG – also known as the Liberty House group of companies – including funding arrangements with Greensill Capital UK Ltd.

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Reporting by Kirstin Ridley and Eric Onstad; Editing by Alex Richardson and Hugh Lawson

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