Liberty Steel owner Sanjeev Gupta is under investigation over suspected fraudulent trading and money laundering by the UK's Serious Fraud Office (SFO), reported BBC.
Gupta is under probe for alleged involvement in financing arrangements with failed company Greensill Capital UK.
"As this is a live investigation, the SFO can provide no further comment," BBC quoted an SFO statement. Last month, Greensill collapsed which is a major lender to Gupta's business.
Meanwhile, Reuters reported that former British Prime Minister David Cameron repeatedly contacted senior ministers over a four-month period in 2020 to lobby for the now-failed, supply-chain finance firm Greensill Capital.
The communications log were released on Tuesday included texts, WhatsApp messages and telephone calls to finance minister Rishi Sunak, cabinet office minister Michael Gove and health minister Matt Hancock. He also contacted several officials, the news agency added.
Though Cameron has denied breaking any code of conduct or government rules and the government has repeatedly said the outcome of his discussions on Greensill's proposals for access to a COVID-19 loan scheme were not taken up.
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