May 24, 2021

National Crime Agency involved in Gupta bank probe, BoE governor says

The investigation into Wyelands, the retail bank owned by metals entrepreneur Sanjeev Gupta, involved the National Crime Agency as well as the Serious Fraud Office, the governor of the Bank of England has revealed. Bailey revealed that further concerns came to light about Wyelands in October or November 2019, leading to a new phase of investigations, with the National Crime Agency notified of the concerns. The BoE ordered the bank to repay customer deposits in March. Gupta had looked at buying a stake in the Italian bank last year, as scrutiny of Wyelands escalated. The PRA accepted the board's plan to gradually inject money into the bank to match its deposit book, via loans and a subordinated loan from Gupta.

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