Commodity Trader Trafigura Faces $577 Million Loss After Uncovering Nickel Fraud

Commodity trader Trafigura Group is facing more than half a billion dollars in losses after discovering metal cargoes it bought didn’t contain the nickel they were supposed to.

Trafigura has spent the past two months uncovering what it believes is a systematic fraud against it. It has started legal action against Indian businessman Prateek Gupta and several companies connected to him including TMT Metals and subsidiaries of UD Trading Group, Trafigura said in a statement.

We are primarily funded by readers. Please subscribe and donate to support us!

www.bloomberg.com/news/articles/2023-02-09/nickel-fraud-trader-trafigura-faces-577-million-loss?sref=ZMFHsM5Z&leadSource=uverify%20wall

Views:

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.