Trafigura falls victim to $500m fraud scandal

By Yara Rizk

Posted on Monday, 6 March 2023 14:47
FILE PHOTO: Trafigura logo is pictured in the company entrance in Geneva March 11, 2012. REUTERS

Active in 48 countries and six continents, Trafigura, whose reputation has been tainted in the past by corruption cases, was the victim of "systematic" fraud after it purchased nickel from an Indian businessman. This is the story of a high-profile scam.

Even though Trafigura is well known on the continent where it is active in trading raw materials and oil products, it still managed to get screwed. The global trading behemoth ($318.5bn in turnover and $7bn in net profit in 2022), has taken legal action against Prateek Gupta, an Indian metals tycoon and the “head” of a group of companies (including TMT Metals and UIL Malaysia), whom he accuses of having sold him shipments of fake nickel.