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UK targets Gupta's GFG Alliance in fraud probe related to now-Collapsed Greensill

The SFO said on Friday that Britain’s Serious Fraud Office is investigating the commodities empire of Tycoon Sanjeev Gupta in a probe that encompasses the conglomerate’s relations to collapsed lender Greensill Capital.
The probe piles pressure on Gupta, who has been scrambling to refinance his international web of businesses in steel, aluminium and energy after supply chain finance firm Greensill filed for insolvency two months ago
In a statement, the anti-graft agency said it was “investigating suspected fraud, fraudulent trading and money laundering in relation to the financing and conduct of the business of companies within the Gupta Family Group Alliance (GFG), including its financing arrangements with Greensill Capital UK Ltd.”
GFG said it would co-operate fully and would not comment further on the investigation. The SFO said it had no further comment.
Greensill Capital lent money to firms by buying their invoices at a discount, but it collapsed two months ago after one of its main insurers declined to renew its cover.
Its sudden failure has been known around the world, drawing in Swiss investment bank Credit Suisse, German depositors and former British Prime Minister British Cameron, who was grilled in parliament this week over his lobbying efforts on behalf of Greensill.
Authorities are beginning to home in on both Gupta and Greensill with Britain’s Financial Conduct Authority on May 18 saying it was officially investigating Greensill’s UK operations as part of global probes.
Germany’s financial regulator shuttered Greensill’s Bremen-based bank and filed a criminal complaint against it earlier this year saying the lender could not provide evidence of receivables on its balance sheet.
Greensill said in its insolvency filing in March that "GFG was Greensill’s largest client. In February it would “collapse into insolvency” if the supply chain finance firm stopped providing it with working capital."
Greensill cited a $5 billion exposure to GFG Alliance when it filed for bankruptcy protection in Australia and Britain in March, a source familiar with the matter said on condition of anonymity.
Source: Reuters
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BENEFIT Sponsors BuildHer...
- April 23, 2025
BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”
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