GFG faces French criminal investigation amid fraud scandal

By Bonnie Eslinger (Nov 8, 2021, 7:05 p.m. GMT) – A global company controlled by British metal tycoon Sanjeev Gupta is under investigation by France’s anti-corruption bureau for alleged abuse of corporate assets business and money laundering, according to the Paris prosecutor’s office.

The investigation concerns various operations within GFG Alliance, which is owned by Gupta, and began in July, a spokesperson for the prosecutor’s office said on Monday.

A spokesperson for GFG Alliance told Law360 that the company “is not aware of any such investigation and refutes any suggestion of wrongdoing in its French operations.”

News of the French investigation follows a scathing report by the Parliamentary Affairs Committee last week on Gupta’s leadership …

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