South Africa: Court freezes assets of Gupta family and associate in fraud case

All assets of controversial Indian-origin Gupta family and ir associate, Iqbal Meer Sharma, including palatial homes in upmarket areas have now been frozen by a South African court.  Investigating Directorate (ID) of National Prosecuting Authority (NPA) of South Africa on Thursday asked Interpol to issue Red Notice International Arrest Warrants for Atul Gupta and Rajesh Gupta, and ir wives Chetali and Arti.

Meer Sharma along with a senior official of Provincial Free State Government, pending a bail application on Monday. An ID spokesperson, Sindisiwe Seboka, h earlier said y have a strong case against Guptas and Sharma involving fraud and corruption to tune of more than 12 million South African rands.

Gupta family in exile?

Gupta family, who are accused of siphoning billions of rand from state and parastatal institutions, are believed to be in self-exile in Dubai, with reports that some family members are in India. South Africa has sent extrition papers to both India and UAE, although it has no extrition treaty with UAE.

wanted four members of Gupta family are owners of company, Island site, against which High Court order was granted on Friday.

"Leave is granted to institute asset forfeiture proceedings against Island site and property of Islandsite," re order, which Sindisiwe Seboka confirmed applied to assets, including all properties in South Africa belonging to Islandsite.

court has appointed a curator who will take charge of assets pending outcome of criminal charges for fraud and money laundering offenses instituted against Guptas, ir company Island site, Sharma, and his company Nulane.

Two days ago, National Prosecuting Authority h asked Interpol to issue a Red Notice against Indian-origin businessmen, ir wives, and business associates, according to an official. move aims at bringing m to South Africa so that y stand trial for ir alleged role in a Rs 25 million fraud and money laundering case linked to failed Estina Dairy Farm project in Free State province.

(With PTI Inputs)