French prosecutors have launched an investigation into Sanjeev Gupta’s business dealings as trouble grows for the steel tycoon
has already launched an investigation into suspected fraud, fraudulent trading and money laundering in relation to the financing and conduct of Mr Gupta's GFG Alliance business empire, including its financing arrangements with Greensill.
The firm was also recently criticised by MPs, who said that Mr Gupta’s"high risk financial funding practices" were undermining the long-term viability of the steel industry in the UK. The report by the Commons business, energy and industrial strategy select committee also called into question the"unusual and… unacceptable" way in which he structured his business empire.Steel tycoon Gupta's fraud allegations
Now, the French authorities have opened an investigation into allegations of misuse of company assets and money laundering by GFG, further piling on pressure to the man once known as the"saviour of steel". GFG told Reuters news agency in a statement that it was"not aware of any such investigation and refutes any suggestion of wrongdoing in its French operations".
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