Swiss Trader Trafigura Hit by Suspected Nickel Fraud, Says It Could Lose $577 Million

Commodity trader Trafigura is facing up to $577 million in losses after finding several containers of nickel it bought didn't contain any nickel at all

Trafigura Group thought it was buying containers full of nickel. What showed up wasn’t nickel at all, the giant commodities trader said, describing itself as the victim of a “systemic fraud” that could cost it more than half a billion dollars.

Trafigura said it had been defrauded by companies it believed were controlled by the metals trader Prateek Gupta, including TMT Metals and subsidiaries of UD Trading Group. TMT and UD didn’t immediately respond to requests for comment, and The Wall Street Journal couldn’t immediately reach Mr. Gupta for comment.missing copper at the Chinese port of Qingdao

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