Guptas: R520 Million Worth of Controversial Family's Assets Seized by Investigating Directorate

Guptas: R520 Million Worth of Controversial Family's Assets Seized by Investigating Directorate

- Reports have revealed that the Investigating Directorate (ID) followed an order granted by the Free State High Court to seize assets from the Guptas amounting to R520 million

- The Gupta family's associates Iqbal Sharma and his wife Tarina Patel's assets were also seized, which was revealed by Sindisiwe Seboka, the ID's spokesperson

- The assets seized include the Guptas' Saxonworld mansion, a luxurious home in Constantia, Cape Town as well as all property belonging to Islandsite

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The Investigating Directorate (ID) has seized more than R520 million worth of assets belonging to the Gupta family as well the family's business associate Iqbal Sharma and his wife Tarina Patel. The restraint order was granted by the Free State High Court.

ID's Spokesperson Sindiswe Seboka stated that the order was granted in terms of the Prevention of Organised Crimes Act (POCA). Seboka stated that this order applies to SA held assets and include all property being to Islandsite, Sharma and his wife. It also includes property held by Sharma's companies.

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According to reports, 40% of Oakbay Investments is owned by Islandsite. Oakbay Investments is a structure that owns a large number of shares in many companies, it also owns the Guptas' Saxonworld mansion and their home Constantia, Cape Town.

Gupta's: Controversial family's assets seized by ID, reports
More than R520 million worth of assets seized by Investigating Directorate. Image: Gallo Images via Getty Images/Business Day/Martin Rhodes
Source: Getty Images

News24 reported that the ID issued a red notice for Atul, Ajay and Rajesh and Interpol is expected to pass the notice along to member countries. The ID wishes to have the Gupta brothers brought back to SA and to be charged with money laundering, fraud and corruption.

The Guptas reportedly fled the country back in 2018 and are allegedly living in the United Arab Emirates (UAE).

Assets seized

TimesLIVE reported that Seboka said that movable property valued at R500 000 and a R1.3 million sectional title home in Sandton were seized. The house in Constantia is worth R21 million and the Saxonworld mansion worth R12 million.

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NPA to ask Interpol to help with the arrest and extradition of 2 Gupta brothers

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Interpol vs Guptas

Previously, Briefly News reported that the case against the Gupta brothers is moving forward and the NPA has reportedly asked the International Criminal Police Organization (Interpol) to help them arrest and extradite two Gupta brothers.

The NPA wants the Guptas to be brought to South Africa to stand trial on charges of fraud along with Salim Essa, Iqbal Sharma and three former senior Free State government officials.

The case relates to an investigation that has allegedly found that the suspects were involved in fraudulent activities worth R24 million.

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Source: Briefly.co.za

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