By Huw Jones
LONDON (Reuters) -Britain's Serious Fraud Office (SFO) is investigating suspected fraud, fraudulent trading and money laundering at steel magnate Sanjeev Gupta's GFG Alliance conglomerate, including its financing arrangements with collapsed Greensill Capital, it said on Friday.
The anti-graft agency said it was probing "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," the SFO said in a statement.
It said it had no further comment given it was a live investigation.
GFG Alliance said it will co-operate fully and would not comment further on the investigation.
"GFG Alliance continues to serve its customers around the world and is making progress in the refinancing of its operations, which are benefiting from the operational improvements it has made and the very strong steel, aluminium and iron ore markets," the company said in a statement.
GFG Alliance, Gupta's privately-held conglomerate, has relied heavily on Greensill Capital to fund its operations.
Greensill faces insolvency after its main insurer stopped providing credit insurance on $4.1 billion of debt in portfolios it had created for clients, including Credit Suisse.
Britain's Financial Conduct Authority said on Tuesday it was formally investigating the UK operations of supply chain finance company Greensill as part of global probes.
Greensill lent money to firms by buying their invoices at a discount, but collapsed in March 2021 after insurers pulled their cover.
(Reporting by Huw Jones; editing by David Goodman, Jason Neely and Barbara Lewis)
