NRI Sanjeev Gupta, Steel Tycoon, Faces Criminal Charges for
Failing to File Accounts for 76 UK Companies

Los Angeles/Oct 10, 2024
NRIpress.club/Ramesh/ A.Gary Singh

NRI Sanjeev Gupta, the renowned steel magnate, is facing a series of criminal charges in the UK for allegedly failing to submit financial accounts for 76 companies. According to the Financial Times, the charges have been brought forward by Companies House, the UK’s corporate registry, which is responsible for ensuring company directors meet their statutory duties.
Among the companies cited in the charges is Gupta’s trading firm, Liberty Commodities, which he founded in the 1990s, as well as several businesses under his Liberty Steel group. In response to the charges, Gupta (53) pleaded not guilty during a court appearance at Cardiff Magistrates’ Court earlier this year.

In addition to Gupta, four other directors— Iain Hunter, Deepak Sogani, Jeffrey Kabel, and Jeffrey Stein— are also facing charges for failing to file the necessary accounts. Like Gupta, all four individuals have pleaded not guilty.

A spokesperson for Companies House confirmed the enforcement action but declined to comment further due to the ongoing legal proceedings. As the regulatory body responsible for UK company registrations, Companies House has the authority to prosecute directors under the Companies Act 2006 for failing to comply with their legal responsibilities.

This latest legal development follows a wider investigation into Gupta’s business dealings. In 2021, the UK’s Serious Fraud Office (SFO) launched a probe into Gupta’s GFG (Gupta Family Group) Alliance over allegations of fraud, fraudulent trading, and money laundering. The SFO expanded its investigation in 2022 by issuing notices under the Criminal Justice Act at several addresses linked to the GFG Alliance.

The scrutiny intensified after the collapse of Greensill Capital, a major financier of GFG Alliance. When Greensill fell into administration, it was revealed that the company had substantial exposure to GFG, amounting to $5 billion. In April, administrators for Greensill disclosed that GFG still owed the firm approximately $587.2 million (£472 million).
As legal battles continue to mount, Gupta’s once-dominant global steel and metal empire remains under significant pressure. The outcome of the court proceedings could have far-reaching consequences for Gupta’s business operations and reputation.

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