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The Big Steal

How steel tycoon Sanjeev Gupta fooled Australia and the world

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The Big Steal

Written by: Paul Barry
Narrated by: Paul Barry
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About this listen
 Entrepreneur Sanjeev Gupta was going to rescue the Australian, UK, European and US steel industries—and save the planet with green steel. He did none of these things, but he did get very rich. This is the extraordinary story, told for the first time.


Sanjeev Gupta is a fast-talking billionaire with all the trappings of success. He boasts world-class charm, a huge appetite for risk, and a remarkable ability to inspire belief. The media love him and christen him the 'Saviour of Steel'.

When he jets into Whyalla in South Australia to buy its bankrupt steelworks in 2017, he is given a royal reception. He calls the town his 'spiritual home' and promises to invest billions of dollars in a mega Green Steel plant that will decarbonise the industry and help save the planet. Whyalla will lead the world. Eight years later, his dreams are in ruins, his promises unfulfilled. He has thousands of creditors and billions of dollars in unpaid debts. His global empire is collapsing.

By the end, he has corporate cops from several countries chasing him for suspected fraud, fraudulent trading and money laundering. These alleged offences centre on Gupta's dealings with a British shadow bank run by a former Bundaberg sugar cane farmer, Lex Greensill, who has hired Britain's ex-PM David Cameron and lent a whopping US$5 billion to the Gupta Family Group.

This is the incredible story of the meteoric rise and fall of an entrepreneur which will leave you asking: how on earth do people like Gupta get away with it?


'Remarkable – a true story of shameless greed and governmental incompetence, told at a cracking pace and ending (inevitably) with a crash landing.' GEOFFREY WATSON SC

'A riveting account of a fast-talking, master manipulator who fooled the corporate world and an adoring media pack. This disturbing tale of steel-tycoon Sanjeev Gupta will leave you seething with rage.' KATE MCCLYMONT

'Paul has not only laid out in typically merciless detail the fantasy world of a sort of industrial Charles Ponzi but has also shown us how desperate are the politicians and media to believe in fantasies that suit them.' ALAN KOHLER AM©2026 Paul Barry (P)2026 W. F. Howes ltd. Business Leaders Corruption & Misconduct Politics & Government Professionals & Academics True Crime
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Book is fascinating. You won’t be able to stop listening. Author keeps complex financial concepts understandable for regular readers.

Just a small suggestion if you are not familiar with Australian accent. Listen it at 0.9x speed. It makes listening clear.

Fascinating tale

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