Trafigura Nickel Fraud: This veteran commodity trading company became a victim of fraud, suffered a blow of 4,750 crores

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Trafigura Group, one of the world’s leading commodity trading companies, has faced an alleged fraud. Due to this, he has faced a huge loss of more than $ 500 million (about Rs 4,000 crore)

Trafigura Group, one of the world’s leading commodity trading companies, has faced an alleged fraud. Due to this, he has faced a huge loss of more than $ 500 million (about Rs 4,000 crore). The company found that the cargo it had purchased did not contain the nickel it had expected.

Trafigura Group, one of the world’s leading commodity trading companies, has faced an alleged fraud. Due to this, he has faced a huge loss of more than $ 500 million (about Rs 4,000 crore). The company found that the cargo it had purchased did not contain the nickel metal it had expected. News agency Bloomberg has given this information in a report. Trafigura has spent the last two months investigating what it believes to be a systematic fraud perpetrated against it. The company has accused an Indian businessman of all this.

Trafigura said in a statement that it has initiated legal action against Indian businessman Prateek Gupta and several companies linked to him. It also includes subsidiaries of TMT Metals and UD Trading Group.

The Trafigura Group has grown rapidly over the past decade and is today one of the largest trading houses in the world. In such a situation, the loss of nickel is a big blow for this company. It’s also a black spot for the metal-trading industry, where in recent years there have been several cases of fake warehouse receipts, forged shipping documents, and containers filled with colored stones.

Trafigura has registered a total loss of $ 577 million (about Rs 4,750 crore) due to this alleged fraud. However, if the company manages to recover some of this amount, the final amount may be less.

Socrates Economou, Trafigura Group’s head of nickel and cobalt trading, is leaving the company, according to people familiar with the matter. However, Trafigura said it does not believe that anyone at the company was involved in the fraud.

According to a Bloomberg report, Trafigura has been trading with Pradeep Gupta’s companies since at least 2015. However, this business relationship began to be investigated last year.