Finance
Businessman Gupta refused permission to appeal in Trafigura nickel fraud lawsuit
Published by Global Banking & Finance Review®
Posted on February 26, 2026
2 min readLast updated: February 26, 2026
Quick Summary
London's High Court refused Prateek Gupta permission to appeal a ruling that he defrauded Trafigura over fake nickel cargoes. Trafigura says around $640m is owed; Gupta remains under a global asset freeze with monthly living costs cut to £5,000.
Prateek Gupta Denied Leave to Appeal in Trafigura Nickel Fraud Case
LONDON, Feb 26 (Reuters) - Indian businessman Prateek Gupta was refused permission by London's High Court on Thursday to appeal against a ruling that he defrauded commodities trader Trafigura over fake nickel cargoes.
Geneva-based Trafigura alleged Gupta was the mastermind of a fraudulent "Ponzi scheme" in which he and his companies agreed to provide high-quality 99.8% pure nickel but delivered low-value or even worthless materials instead.
High Court Ruling and Appeal Status
Gupta accepted he did not deliver high-grade nickel cargoes but says Trafigura staff devised the scheme, something Trafigura's former head nickel trader Sokratis Oikonomou denied.
Judge Pushpinder Saini ruled last month that Trafigura was induced to enter into contracts "by false and fraudulent representations" made by Gupta and his companies.
Judge Saini’s Findings
The judge also said Trafigura's former employees, including Oikonomou, were "wholly innocent of any wrongdoing".
Next Legal Options
Gupta sought permission to appeal that ruling and was refused, but can still apply directly to the Court of Appeal.
Financial Exposure to Trafigura
Trafigura's lawyer Nathan Pillow said at Thursday's brief hearing that Trafigura was owed around $640 million in total, including $140 million in interest.
Asset Freeze and Living Expenses
Gupta is subject to a worldwide freezing order over his assets and agreed to limit his living expenses under that order to 5,000 pounds ($6,763.50) a month, from 20,000 pounds a month.
Last year's trial, which concluded in December, was the culmination of events that began in November 2022, when Trafigura first received complaints about cargoes it had sold.
Timeline of Events
The discovery prompted Trafigura to carry out further inspections, book a $590 million charge and then sue Gupta and his companies in February 2023 for what it then described as "systematic fraud".
($1 = 0.7393 pounds)
FX Note and Attribution
(Reporting by Sam Tobin; Editing by Emelia Sithole-Matarise)
Key Takeaways
- •London’s High Court refused Prateek Gupta permission to appeal a ruling that he defrauded Trafigura over fake nickel cargoes.
- •Judge Pushpinder Saini had found Trafigura was induced by false and fraudulent representations from Gupta and his companies.
- •Trafigura says about $640 million is owed, including roughly $140 million in interest.
- •Former Trafigura staff, including Sokratis Oikonomou, were deemed wholly innocent of wrongdoing.
- •Gupta remains under a worldwide asset freeze; his allowed living expenses were reduced to £5,000 per month.
Frequently Asked Questions about Businessman Gupta refused permission to appeal in Trafigura nickel fraud lawsuit
1What is the main topic?
London’s High Court refused Prateek Gupta permission to appeal a judgment finding he defrauded Trafigura in a fake nickel cargo scheme, keeping the prior ruling intact.
2How much does Trafigura claim is owed?
Trafigura’s lawyer said the total is about $640 million, including roughly $140 million in interest, stemming from the fraudulent nickel trades.
3What restrictions remain on Gupta’s assets?
He is subject to a worldwide freezing order. As part of that order, his living expenses were limited to £5,000 per month, down from £20,000.
