New Twist in Gupta $590 Billion Nickel Fraud, Reuben Brothers Sue Trafigura

The Saga whereby Trafigura Group was defrauded by around $590 million has taken another twist. Bloomberg reports, citing documents, that Trafigura one of the largest commodity traders in the world is being sued by the Reuben brothers alleging that the fraud didn’t just involve thousands of tons of missing nickel, but also counterfeit shipping documents. Hyphen Trading Ltd., owned by the Reuben brothers accuses a Singapore freight forwarding company of being involved and raises questions about Trafigura’s own actions, saying … Continue reading “New Twist in Gupta $590 Billion Nickel Fraud, Reuben Brothers Sue Trafigura”

Trafigura May Have Been Fleeced for $577 Million in Nickel Fraud

Trafigura Group, one of the largest commodity traders in the world may have been defrauded as much $577 million in a fraud involving nickel and companies it believed were controlled by the metal’s trader Prateek Gupta. Nickel was party to a violent short squeeze last March when LME suspended nickel trading after Nickel prices roughly doubled to all-time highs up 500% in a day. Nickel soared over $100,000 a ton to an all-time high on the London Metal Exchange when … Continue reading “Trafigura May Have Been Fleeced for $577 Million in Nickel Fraud”