LONDON (Pakistan Point News / Sputnik - 14th May, 2021) The UK's Serious Fraud Office announced on Friday that it is investigating steelmaker and mining conglomerate Gupta Family Group Alliance (GFG), including its links with the now collapsed financial firm Greensill Capital.
"The SFO is investigating suspected fraud, fraudulent trading and money laundering in relation to the financing and conduct of business of companies within the Gupta Family Group Alliance, including its financing arrangements with Greensill Capital UK Ltd," the watchdog said in a statement.
GFG, owned by Indian-born UK tycoon Sanjeev Gupta, had reportedly been one of Greensill largest customers Australian banker financier Lex Greesill filed for insolvency last month, threatening thousands of jobs around the world.
The fraud probe into Gupta's businesses comes as former UK Prime Minister David Cameron has been caught in the bankruptcy scandal, following reports that he had lobbied serving government ministers and official for contracts for Greensill.
Cameron, who became an adviser to the financier's firm after he resigned as prime minister in 2016, told a parliamentary commission on Thursday that he only wanted to help support UK workers and businesses in the "economic turmoil" caused by the COVID-19 pandemic.
Following the scandal, UK Prime Minister Boris Johnson appointed legal expert Nigel Boardman to lead an investigation, amid accusations of cronyism and improper lobbying from the opposition.
