BoE Says Wyelands Bank At Center Of SFO Probe

Law360, London (May 24, 2021, 6:19 PM BST) -- A Serious Fraud Office investigation into potential fraud at Sanjeev Gupta's businesses is focusing on Wyelands Bank, the governor of the Bank of England said on Wednesday, after the prudential regulator forced the steel mogul's U.K. lender to repay depositors.

Andrew Bailey told the House of Commons Treasury Committee that the Prudential Regulation Authority, the central bank's regulatory arm, has handed over evidence to the U.K.'s white-collar crime agency about Wyelands Bank, which Gupta established in 2016.

Bailey said the watchdog initially became concerned about the lender in late 2018 and decided to launch a supervisory probe into a lack of...

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