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The UK's Serious Fraud Office (SFO) has opened an investigation into metals and energy group the Gupta Family Group (GFG) Alliance.
The inquiry will look into GFG's links with Greensill Capital, the collapse of which sparked a political scandal over lobbying by former UK Prime Minister David Cameron.
GFG is owned by the Gupta family and led by Sanjeev Gupta, whose Liberty Steel had been Greensill Capital's biggest customer before its implosion.
In a brief statement released on Friday, the UK investigator said: "The SFO is investigating suspected fraud, fraudulent trading and money laundering in relation to the financing and conduct [...] of companies within the Gupta Family Group Alliance, including its financing arrangements with Greensill Capital UK Ltd."
GFG Alliance, led by Sanjeev Gupta, is being investigated for suspected fraud, fraudulent trading and money laundering in connection with the collapse of Greensill Capital. /Ben Stansall/AFP
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GFG said it would "cooperate fully" with the investigation. The group added that it's recently been "making progress in the refinancing of its operations" after the implosion of Greensill Capital left the company financially off balance.
Gupta's international group has operations in more than 35 countries across the world and employs 35,000 people worldwide, including 5,000 in Britain at Liberty Steel, the UK's third largest steel business, which is also feared to be close to collapse.
The inquiry comes one day after former Cameron faced questions form UK lawmakers over his allegedly excessive lobbying efforts for Greensill in 2018, when he was an adviser to the company.
Investigations continue into the collapse of Greensill Capital and David Cameron's failed attempts, as a Greensill adviser, to persuade the British Treasury and the Bank of England to include the firm in the UK's COVID-19 rescue programs. /Reuters/Hannah McKay
Cameron, despite admitting he had "a big economic investment" in the controversial financial company, insisted he acted appropriately and with the public interest in mind.
"I would never put forward something that I didn't think was absolutely in the interests of the public good," he told the virtual Treasury Committee hearing, in his first public appearance addressing the scandal.
Australian banker Lex Greensill, the founder of the collapsed company, told the same committee he took "full responsibility" for Greensill's implosion and apologized for all those affected by its consequences.
