December 6, 2023
Indian businessman Prateek Gupta asked a London judge on Tuesday to lift an order freezing his personal and business assets, alleging that commodity trader Trafigura failed to disclose full information when it sought the injunction. In a court document, Trafigura …
December 6, 2023
Staff at Trafigura Group worked with alleged fraudster Prateek Gupta to ensure that their dealings would not raise the suspicion of key lender Citigroup Inc., according to messages made public in the court battle between the two sides. The revelation …
October 4, 2023
They are relatively easy to fake. Frequently get lost. And can add huge amounts of time to any journey. Yet paper documents still rule in the $25 trillion global cargo trade with four billion of them in circulation at any …
September 22, 2023
Europe’s top copper producer Aurubis AG said a massive scam involving shipments of scrap metal cost it €185 million. Aurubis said last month that it had discovered a significant metal shortfall, adding that it believed some of its suppliers had …
August 25, 2023
Another trading house has been stung after buying a cargo supposedly containing nickel that turned out to be full of near-worthless rubble. The latest example, detailed in lawsuits in London and Singapore, is separate from the $600 million alleged fraud …
June 19, 2023
Trafigura Group is being sued by the billionaire Reuben brothers, as the fallout of a massive nickel fraud reverberates through global metal markets and ensnares some of the industry’s best-known figures. Legal filings seen by Bloomberg News shed new light …
February 10, 2023
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. nickel fraud Trafigura has spent the past two months uncovering what it …
February 18, 2022
A British high court judge ruled on Wednesday in favor of broker ED&F Man in a claim against Singapore commodities trader Straits and four other defendants about fraudulent warehouse receipts for nickel stored in Singapore. Justice Calver said in a …
March 10, 2021
Commodities trader Mercuria Energy Group Ltd. struck a deal last summer to buy $36 million of copper from a Turkish supplier. But when the cargoes started arriving in China, all it found were containers full of painted rocks. The saga …
January 28, 2019
When the man running one of London’s biggest metals brokerages found a new client who wanted to finance large volumes of nickel held in warehouses in Asia, he thought the deal promised major rewards. Less than a year later, he …