Sanjeev Gupta

The guarantee, whose potential exposure was valued at several hundred million pounds, prompted criticism over transparency and the risk borne by taxpayers. The Scottish government maintains that payments have remained up to date, no call on the guarantee has been made, security is in place and more than 200 jobs have been preserved. The controversy concerns the public-private arrangement and governance, not established embezzlement.

State of the evidence

Documented

Attribution

Directly implicated

The investigation concerns suspected fraud, fraudulent trading and money laundering in connection with GFG Alliance's financing and business conduct. Requests for documents and evidence-gathering operations followed. GFG and Gupta denied wrongdoing and stated that they were cooperating. At the date of verification, the sources examined do not establish that Gupta has been personally convicted in this case.

State of the evidence

Documented

Attribution

Directly implicated

The decision affected approximately 1 450 jobs and led the British government to finance operations temporarily under the Official Receiver. Liberty described the liquidation as irrational and maintained that it had a financing and rescue solution. The liquidation concerns the company, not a personal criminal conviction of Gupta.

State of the evidence

Documented

Attribution

Direct responsibility

The Companies House proceedings allege breaches of filing obligations. Gupta contests the charges. In January 2026, the trial was stayed while he sought judicial review of restrictions imposed on his defence and the burden of proof. Guilt cannot be inferred merely from the prosecution.

Attribution

Directly implicated

Investigators referred to suspected delapidare/embezzlement, tax evasion and allegedly fictitious intra-group contracts or transfers, with potentially very large amounts cited by the media. Liberty and GFG rejected the accusations and maintained that the transactions had been legally reviewed and served the Romanian site. This is an investigation, not established guilt on Gupta's part.

State of the evidence

Documented

The complex belonging to Gupta's group faced mounting production difficulties, debts and unpaid bills, including sums owed to the state and suppliers. The South Australian government took control through an administration process. GFG maintained that operational improvement and new financing were possible and disputed certain accounts of the situation. The event concerns group governance and the site's insolvency.

State of the evidence

Documented

Attribution

Direct responsibility

The dispute arose from an earlier financing arrangement for steel purchases with Essar. The claimants maintained that nearly $52.8 million had been advanced without corresponding delivery. LIQS Pte Ltd's defence argued, among other things, that the documents did not reflect the true arrangement, but the company did not participate in the final trial and the judge considered that such a claim required strong evidence. The decision concerns the company, not a personal fraud conviction of Gupta.

Attribution

Direct responsibility

The investigation reported in 2021 concerned, in particular, suspected misuse of corporate assets and money laundering. It formed part of the group's financial crisis and scrutiny of its financing structures. GFG disputed any presentation equating an investigation with guilt. The sources examined do not establish a personal conviction of Gupta in France.

State of the evidence

Documented

Attribution

Directly implicated

The winding-up petitions raised fears of a collapse of several British steel operations. A few weeks later, HMRC withdrew them following an agreement and discussions with the companies concerned. The favourable outcome is preserved: this was not a personal conviction of Gupta for tax fraud.

State of the evidence

Documented

Attribution

Direct responsibility

The PRA and parliamentary committees examined Wyelands Bank's exposures to counterparties connected to Gupta's group, of which he was the ultimate beneficial owner. Restrictions were imposed and the bank subsequently began an orderly wind-down and repaid retail deposits. GFG maintained that the relationships were at arm's length and compliant. Gupta was not an operational director of the bank, and no personal criminal conviction is established here.

State of the evidence

Documented

Attribution

Direct responsibility

The authorities rejected the request, particularly because of the group's complex and opaque structure and the difficulty of ensuring that funds would remain in UK operations. Gupta maintained that GFG had strong assets, was seeking new financing and wanted to preserve its factories and jobs. The episode is central to criticism of the group's financing model.

State of the evidence

Documented

Attribution

Directly implicated

The report on Liberty Steel criticised GFG's highly centralised governance, its reliance on risky financing and the group's lack of transparency. MPs called for a review of Gupta's fiduciary duties. This parliamentary recommendation is neither a judicial conviction nor proof of an established breach of the Companies Act.

State of the evidence

Documented

Attribution

Directly implicated