Trafigura PTE Ltd & Anor v Gupta & Ors [2026] EWHC 159 (Comm) (30.01.26)

Trafigura PTE Ltd & another sued Prateek Gupta and others in the Commercial Court, alleging a multi-hundred-million-dollar fraud in nickel trading, where high-grade LME-grade nickel was purportedly sold but worthless material delivered instead. After a month-long trial, the Court found in favour of Trafigura, holding Gupta and the corporate defendants liable for the fraud and rejecting their defences. The judgment recognised that Trafigura was induced into contracts by false and fraudulent representations and awarded a decisive victory for the commodities trader. Trafigura succeeded and the defendants were found liable for fraudulent misrepresentation.

Read the full judgment here.