Published by Global Banking & Finance Review®
Posted on February 26, 2026
2 min readLast updated: April 2, 2026
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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.
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.
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.
The judge also said Trafigura's former employees, including Oikonomou, were "wholly innocent of any wrongdoing".
Gupta sought permission to appeal that ruling and was refused, but he can still apply directly to the Court of Appeal.
Trafigura's lawyer, Nathan Pillow, said at Thursday's hearing that Trafigura was owed about $140 million in interest on top of the $500 million principal debt. A Trafigura spokesperson said Gupta owed about $700 million plus legal costs.
"Trafigura intends to take steps to enforce the judgment and pursue recovery of the sums awarded," the spokesperson said.
Gupta's lawyers did not immediately respond to a request for comment.
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.
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)
(Reporting by Sam TobinEditing by Emelia Sithole-Matarise and David Goodman)
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.
Trafigura’s lawyer said the total is about $640 million, including roughly $140 million in interest, stemming from the fraudulent nickel trades.
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.
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