Fraud Blocker
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Trafigura accused of multimillion trading cover-up in London’s High Court

  • Writer: Editor
    Editor
  • Dec 5, 2023
  • 1 min read

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Summary: In an explosive legal twist, Indian businessman Prateek Gupta—accused by Trafigura of defrauding the company in a $600 million nickel trading scam—has fired back, alleging Trafigura employees actively sought to conceal the fraud from Citibank, their main lender. Gupta claimed he was pressured into manipulating trading structures and avoiding warehouse inspections to prevent scrutiny. WhatsApp exchanges submitted to the court suggest senior Trafigura traders, including Harshdeep Bhatia, gave detailed guidance on avoiding "red flags," even praising Gupta for his evasive actions. Gupta also claims that key executives, including former nickel desk head Sokratis Oikonomou, were aware of the scheme, despite Trafigura’s firm denials. The court also reviewed internal emails revealing worries about Citibank's insistence on container inspections, potentially exposing the fake cargoes. Trafigura calls Gupta’s counter-accusations a “desperate” attempt to deflect from his own admitted role in the scandal​.



Source: FT

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