Headlines
Defendant in Trafigura fraud case agrees to disclosure date under threat of ban
Published by Global Banking & Finance Review®
Posted on April 9, 2025
2 min readLast updated: January 24, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on April 9, 2025
2 min readLast updated: January 24, 2026
Prateek Gupta agrees to an April 16 disclosure deadline in the Trafigura fraud case, risking a ban if delayed. The case involves a $600-million nickel cargo fraud.
By Eric Onstad
LONDON (Reuters) - Lawyers for Indian businessman Prateek Gupta agreed to an April 16 disclosure deadline in a long-running fraud case brought by commodity trader Trafigura, a court document showed, as a London judge threatened to bar him from defending the case if there were further delays.
Geneva-based Trafigura, a major industrial metals and oil trader, filed a lawsuit against Gupta in February 2023, alleging it had been the victim of a $600-million fraud involving nickel cargoes masterminded by Gupta and in which he and his companies participated.
Judges have granted a succession of delays over many months to Gupta to meet deadlines for disclosure of documents relevant to the case.
The original disclosure deadline was in September 2024 and judges have allowed four delays since then.
Gupta's lawyers agreed to next week's deadline under a consent order, according to a court document dated April 4.
If Gupta's side does not meet the latest deadline "their defence will be struck out and they will be debarred from defending the proceedings, without further order of the court", Justice Julia Dias said in the document.
Gupta has said in his defence that Trafigura staff devised the scheme at the centre of the case, to substitute low-value materials such as scrap for high-grade nickel. Trafigura and its employees have denied any knowledge of fraud.
Trafigura booked an impairment charge in 2023 of $590 million due to the alleged fraud involving nickel cargoes that turned out to be material of much lower value.
Trafigura declined to comment and Gupta's lawyers did not immediately respond to a request for comment.
(Reporting by Eric Onstad; Editing by Alison Williams and Nia Williams)
The main topic is the Trafigura fraud case involving Prateek Gupta and a $600-million nickel cargo fraud.
Prateek Gupta has agreed to an April 16 deadline for document disclosure in the fraud case.
If Gupta misses the deadline, he risks being barred from defending the case.
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