The UK's Serious Fraud Office (SFO) said today (14 May) it was launching an investigation into the Gupta Family Group Alliance.

"The SFO is 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.," it said in a short statement.

Alongside its core industry brands, GFG Alliance stated on its website that it holds investments in financial services, property and other specialist businesses within a family office.

UK regulator the Financial Conduct Authority said on 11 May it was formally investigating the UK operations of Greensill as part of a global investigation process.

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