The offices of Sanjeev Gupta’s Liberty Steel empire were raided by the Serious Fraud Office (SFO).
The SFO is currently investigating allegations of fraud and money laundering by Gupta’s GFG Alliance and its arrangements with Greensill Capital.
Officials visited addresses across the UK and requested documents including company balance sheets and annual reports.
The SFO could not comment further on the investigation.
But it confirmed that its teams spoke to executives working with the operation at multiple addresses.
Sanjeev Gupta’s GFG Alliance, once dubbed the “savior of steel,” has faced allegations of fraudulent trading after its main lender, Greensill Capital, collapsed last March.
Greensill collapsed after its insurer refused to renew cover for the loans it had made.
The finance company was the main lender to GFG’s Liberty Steel, which employs 3,000 people in England, Scotland and Wales.
Last May, the SFO launched its investigation into GFG on suspicion of fraudulent trading and money laundering, including its financing arrangements with Lex Greensill’s firm.
French prosecutors also visited GFG’s Paris office and an aluminum smelter in Dunkirk earlier this week, according to the Financial Times, where they questioned executives.
UK MPs have previously raised a number of concerns about Sanjeev Gupta’s leadership of the GFG Alliance, including unusual funding and corporate structures and a series of “red flags” in accounting.
Politicians also recommended that the bankruptcy service should investigate whether Mr Gupta breached his fiduciary duties as a company director.
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