Archive · 1 Dec 2025
Gupta Denies Knowledge of Missing Nickel Funds
Prateek Gupta is a man who is being accused by a company called Trafigura of cheating them out of $600 million.
This happened because Gupta's companies were supposed to sell nickel to Trafigura and then buy it back later, but instead, they sent cheaper materials and didn't buy the nickel back.
Gupta says he doesn't know where the money went and that Trafigura knew the shipments weren't real nickel.
Trafigura says their employees didn't know about the fraud.
The court is trying to figure out what really happened.
Prateek Gupta is accused of defrauding Trafigura Group of $600 million in a nickel trading scam.
Gupta testified in a London court that he doesn't know where the money went.
Trafigura alleges Gupta's firms failed to buy back nickel cargoes and shipped lesser value materials instead.
Gupta claims Trafigura executives knew the shipments weren't pure nickel.
Trafigura denies any of its employees were involved in the alleged fraud.
- Who
- Prateek Gupta and Trafigura Group
- What
- Alleged fraud involving nickel shipments
- When
- 2021 (with legal proceedings in 2025)
- Where
- London court, Gupta testifying from Dubai
- Why
- Trafigura seeks to recover losses from alleged fraud
- Nickel Trading Volume
- 69,000 tonnes
- Time Frame for Transit
- 90 to 180 days
- Gupta's Location
- Dubai
- Trafigura's Allegation
- Fraudulent nickel shipments
- Gupta's Defense
- Trafigura knew shipments weren't nickel