Jurisdiction(s):
United Kingdom

Commercial Court finds Gupta masterminded US$500m fraud: worthless cargoes misrepresented as LME-grade nickel; Trafigura succeeds; no collusion by its traders (England and Wales)

Published on: 09 February 2026

Published by a Law360 reporter

Legal News

Article summary

The court found that metals tycoon Mr Prateek Gupta (Mr Gupta, the first defendant) was the 'mastermind' of a 'fraud on a grand scale', executed against Trafigura through entities he controlled, by which it was sold metal shipments that ultimately had no value. Mr Justice Saini stated that Trafigura was 'duped' by the first defendant into acquiring consignments of nickel that were in reality 'cargoes of low-value or worthless materials'. At the opening of the trial, Trafigura's barrister, Nathan Pillow KC of Essex Court Chambers, asserted that Mr Gupta had 'knowingly signed a false document' when certifying nickel shipments for Trafigura. The court was told that the contents of the 500 separate consignments were not so-called LME-grade nickel (nickel approved by the London Metal Exchange). Rather, they consisted of stainless steel and other 'worthless' products...

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