LONDON, Jan 30 (Reuters) - Trafigura won its London lawsuit against Indian businessman Prateek Gupta over fake nickel cargoes on Friday, with London's High Court ruling in favour of the commodities
Trafigura Secures $600 Million Victory in Nickel Fraud Case Against Gupta
Trafigura's Legal Victory
LONDON, Jan 30 (Reuters) - Trafigura won its London lawsuit against Indian businessman Prateek Gupta over fake nickel cargoes on Friday, with London's High Court ruling in favour of the commodities trader.
Details of the Fraudulent Scheme
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.
Court's Findings and Rulings
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 when giving evidence in November.
Judge Pushpinder Saini ruled 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".
(Reporting by Sam Tobin; editing by William James)
