Sanjeev Gupta and his entire business empire is now under investigation by the Serious Fraud Office (SFO).

Gupta's company, the GFG Alliance, is under investigation concerning fraud, fraudulent trading, money laundering and his financial arrangements with Greensill Capital, according to reports on the LBC News Channel quoting a statement released by the SFO.

A statement released by GFG Alliance reads as follows:

“GFG Alliance notes the UK Serious Fraud Office (SFO)‘s announcement that it has opened an investigation into GFG Alliance. GFG Alliance will co-operate fully with the investigation. As these matters are the subject of an SFO investigation we cannot make any further comment. GFG Alliance continues to serve its customers around the world and is making progress in the refinancing of its operations which are benefitting from the operational improvements it has made and the very strong steel, aluminium and iron ore markets.”