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

All the assets of the controversial Indian-origin Gupta family and their associate, Iqbal Meer Sharma, including palatial homes in upmarket areas have now been frozen by a South African court. The Investigating Directorate (ID) of the 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 their wives Chetali and Arti.

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

Gupta family in exile?

The 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 extradition papers to both India and the UAE, although it has no extradition treaty with the UAE.

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

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

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

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

(With PTI Inputs)