Trafigura Wins Counterfeit Nickel Fraud Case Worth Rp11.76 Trillion
Trafigura has secured a legal victory after a judge ruled that entrepreneur Prateek Gupta is responsible for a large-scale fraud involving counterfeit nickel cargo, awarding the Swiss trading company US$700 million (Rp11.76 trillion) in damages. This represents the culmination of a years-long legal battle.
According to Financial Times on Friday, 27 February 2026, the London High Court decision stated: “Trafigura is a victim of fraud on a massive scale that was designed and executed by Prateek Gupta using Corporate Defendants.”
The judgment continued: “Through this fraud, Mr Gupta and entities effectively controlled by him took approximately US$500 million from Trafigura under the pretence that they were selling LME-grade Nickel, when in fact they supplied cargo of low value or worthless material.”
The decision, following a trial last year, represents the peak of a prolonged legal dispute that commenced in 2023 after counterfeit nickel shipments emerged and Trafigura sued its former business partner, Gupta.
Justice Saini ruled in Trafigura’s favour and acquitted the Trafigura employees involved in the case: Harshdeep Bhatia and Sokratis Oikonomou.
“It is important for me to note that Mr Harshdeep Bhatia and Mr Sokratis Oikonomou (both former Trafigura employees) are entirely innocent of any wrongdoing whatsoever,” wrote the judge.
The ruling recommended that Trafigura is entitled to damages of “approximately US$500 million, together with substantial losses”. The precise amount will be determined at a subsequent hearing.
Trafigura stated in a statement: “We welcome today’s decision, which comprehensively vindicates Trafigura and acknowledges the systematic fraud perpetrated by Mr Gupta and the corporate defendants.”
Meanwhile, the lawyers representing Gupta in the case withdrew as his representatives immediately before the verdict was announced. They declined to comment. Gupta has the right to appeal against the decision.
During the trial, Gupta alleged that Trafigura employees had colluded in the nickel scheme. However, the judge determined this to be lacking credibility.
Trafigura uncovered the nickel fraud in 2022 and filed a lawsuit against Gupta the following year.
The discovery of the fraud raised questions about Trafigura’s internal risk controls, which were subsequently strengthened, and damaged the reputation of the world’s leading metal trader. Several senior executives from the metals team later left the company to work for rival firms.