{"id":1883,"date":"2023-02-13T15:14:36","date_gmt":"2023-02-13T13:14:36","guid":{"rendered":"https:\/\/scrapad.com\/?p=1883"},"modified":"2024-09-02T10:02:31","modified_gmt":"2024-09-02T08:02:31","slug":"trafigura-nickel-fraud","status":"publish","type":"post","link":"https:\/\/scrapad.com\/en\/blog\/trafigura-nickel-fraud","title":{"rendered":"Trafigura, after nickel fraud, faces more than $500 million loss"},"content":{"rendered":" \n    <div class=\"c-post--header\" style=\"background-image: url(https:\/\/scrapad.com\/wp-content\/uploads\/2023\/09\/mina-niquel-scaled.jpg);\">\n        <a href=\"\" class=\"c-back-action\">\n            Go back        <\/a>\n        <h1>Trafigura, after nickel fraud, faces more than $500 million loss<\/h1>\n\t\t<p class=\"c-post--author\">\n\t\t\tAuthor:\t\t\t<a href=\"https:\/\/scrapad.com\/en\/author\/scrapad-admin\/\">ScrapAd<\/a>\n\t\t<\/p>\n        <div class=\"c-post--meta\">\n            <p>13\/02\/2023<\/p>\n            <div class=\"c-post--actions\">\n                <a onclick=\"window.print()\" class=\"c-article__action\">\n                    <i class=\"large material-icons icon\">print<\/i>\n                <\/a>\n                <a data-clipboard-text=\"\" class=\"c-article__action\">\n                    <i class=\"large material-icons icon\">content_copy<\/i>\n                <\/a>\n                <span class=\"c-article__action share__trigger\">\n\t\t\t\t\t<i class=\"large material-icons icon\">share<\/i>\n\t\t\t\t\t<ul class=\"share__displays\">\n\t\t\t\t\t\t<li>\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.facebook.com\/sharer\/sharer.php?u=\" target=\"_blank\" rel=\"noopener\">\n\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/scrapad.com\/wp-content\/plugins\/scrapad-blocks\/assets\/icons\/share\/facebook.svg\" alt=\"\">\n\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<li>\n\t\t\t\t\t\t\t<a href=\"https:\/\/twitter.com\/share?text=&amp;url=\" target=\"_blank\" rel=\"noopener\">\n                                <img decoding=\"async\" src=\"https:\/\/scrapad.com\/wp-content\/plugins\/scrapad-blocks\/assets\/icons\/share\/twitter.svg\" alt=\"\">\n\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<li>\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&amp;url=&amp;title=&amp;summary=&amp;source=\" target=\"_blank\" rel=\"noopener\">\n                                <img decoding=\"async\" src=\"https:\/\/scrapad.com\/wp-content\/plugins\/scrapad-blocks\/assets\/icons\/share\/linkedin.svg\" alt=\"\">\n\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<li>\n\t\t\t\t\t\t\t<a\n\t\t\t\t\t\t\t\thref=\"mailto:info@scrapad.com?&amp;cc=&amp;bcc=&amp;subject=&amp;body=\"\n\t\t\t\t\t\t\t\ttarget=\"_blank\"\n\t\t\t\t\t\t\t>\n                                <img decoding=\"async\" src=\"https:\/\/scrapad.com\/wp-content\/plugins\/scrapad-blocks\/assets\/icons\/share\/email.svg\" alt=\"\">\n\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/li>\n\t\t\t\t\t<\/ul>\n\t\t\t    <\/span>\n            <\/div>\n        <\/div>\n    <\/div>\n     \n    <section class=\"c-container \" style=\" background-color: #FBFBFB; background-size: cover; --xsPadding: 40px 25px 40px 25px; --smPadding: 40px 25px 40px 25px; --mdPadding: 80px 100px 80px 100px; --lgPadding: 80px 100px 80px 100px; --xlPadding: 80px 100px 80px 100px; --xxlPadding: 80px 200px 80px 200px;  \">\n        <div class=\"wp-block-scrapad-blocks-container c-post\">\n<div class=\"c-article__desc wp-block-scrapad-blocks-article-desc\">\n<p>Trafigura Group, the Dutch commodities trader, is facing a&nbsp;<strong>$577 million loss after discovering that shipments of&nbsp;<\/strong><a href=\"https:\/\/scrapad.com\/en\/materials\/nickel\/\" target=\"_blank\" rel=\"noreferrer noopener\">nickel<\/a><strong>&nbsp;it bought did not contain the nickel<\/strong>&nbsp;it was supposed to have purchased.<\/p>\n\n\n\n<p>This systematic fraud in nickel shipments, which has been&nbsp;<strong>under internal investigation for two months, has been carried out by several companies linked to Indian businessman Prateek Gupta<\/strong>. Trafigura, following the news, announced that&nbsp;<strong>it has initiated legal proceedings<\/strong>&nbsp;against the businessman and the companies involved, including TMT Metals and subsidiaries of UD Trading Group.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Trafigura&#8217;s nickel scam<\/h2>\n\n\n\n<p>This collusion&nbsp;<strong>began to unravel<\/strong>&nbsp;when investigators from the Dutch multinational arrived at the port of Rotterdam in the Netherlands&nbsp;<strong>before the end of 2022 to check the contents of a container that was supposed to contain nickel<\/strong>. However, when they opened it, they found that&nbsp;<strong>it was full of materials of a much lower value<\/strong>&nbsp;than it was supposed to contain.<\/p>\n\n\n\n<p>Trafigura&#8217;s internal investigations have indicated that this fraud&nbsp;<strong>may relate to nickel shipments throughout 2022<\/strong>, for which false documentation was submitted. As such, the company has already calculated the losses from the scam to be as high as $577 million. Moreover,&nbsp;<strong>these investigations have revealed that no one in the company appears to have been complicit in the fraud<\/strong>,&nbsp;<strong>even though Socrates Economu<\/strong>, Trafigura&#8217;s head of nickel and cobalt trading,&nbsp;<strong>has resigned from his position<\/strong>.<\/p>\n\n\n\n<p>Despite these facts, Trafigura, one of the most powerful groups in the sector,&nbsp;<strong>concluded that its financial results and net profit will exceed in the first half of 2023<\/strong>&nbsp;what it achieved in the 2022 period.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Nickel: popular metal among fraudsters<\/h2>\n\n\n\n<p>One of the&nbsp;<strong>most popular&nbsp;<\/strong><a href=\"https:\/\/scrapad.com\/en\/materials\/metals\/\" target=\"_blank\" rel=\"noreferrer noopener\">metals<\/a><strong>&nbsp;among fraudsters is nickel because of its high value<\/strong>&nbsp;(a full container can be worth up to $500,000). It also happens to be&nbsp;<strong>traded in fairly large volumes, but without the rigorous security<\/strong>&nbsp;that can accompany other precious metals such as gold.<\/p>\n\n\n\n<p>In 2022, other traders and operators have been involved in problems with nickel for different reasons, and the metal was affected by large price swings that put the&nbsp;<a href=\"https:\/\/scrapad.com\/en\/blog\/what-is-lme-london-metal-exchange\/\" target=\"_blank\" rel=\"noreferrer noopener\">London Metal Exchange<\/a>&nbsp;in check.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Material verification with ScrapAd<\/h2>\n\n\n\n<p>At ScrapAd, the digital platform for&nbsp;<a href=\"https:\/\/scrapad.com\/en\/\" target=\"_blank\" rel=\"noreferrer noopener\">scrap metal trading<\/a>, the priority is to&nbsp;<strong>ensure that the transaction is a success from start to finish<\/strong>. Thus, in addition to the fact that&nbsp;<strong>all companies that register<\/strong>&nbsp;on the platform&nbsp;<strong>undergo a rigorous verification process<\/strong>,&nbsp;<strong>when the material is loaded, an independent verifier checks and verifies that the goods correspond to what has been negotiated and agreed<\/strong>. This is how, with ScrapAd&#8217;s service,&nbsp;<strong>you avoid<\/strong>&nbsp;additional worries and&nbsp;<strong>possible fraud<\/strong>.<\/p>\n<\/div>\n<\/div>\t<\/section>\n        <div class=\"c-container c-post--related\" style=\"background-color: #F7F5F2; --xsPadding: 40px 25px 40px 25px; --smPadding: 40px 25px 40px 25px; --mdPadding: 40px 25px 40px 25px; --lgPadding: 72px 100px 72px 100px; --xlPadding: 72px 100px 72px 100px; --xxlPadding: 72px 100px 72px 100px;\">\n        <div class=\"container\">\n            <h3 class=\"c-article__side__heading\">Other posts that may interest you\u2026<\/h3>\n        <\/div>\n        <div class=\"scrapad-blocks-related glide\" data-autoplay=\"4000\" data-views-desktop=\"3\" data-views-tablet=\"2\" data-views-mobile=\"1\" data-mode=\"slider\">  \n            <div class=\"container glide__track\" data-glide-el=\"track\">\n                <div class=\"row slider-mobile glide__slides\">\n                                                                         \n                            <div class=\"col-12 col-lg-6 glide__slide\">\n                                    <div class=\"c-blog__item\">\n        <a href=\"https:\/\/scrapad.com\/en\/blog\/differences-between-brass-and-bronze\/\" class=\"c-blog__item--inner\">\n            <div class=\"c-blog__item__header\">\n                <div\n                    class=\"c-blog__item__image\"\n                    style=\"background-image: url(https:\/\/scrapad.com\/wp-content\/uploads\/2025\/01\/laton-bronce.jpg;\"\n                ><\/div>\n                <\/div>\n                <div class=\"c-blog__item_body\">\n                    <h4 class=\"c-blog__item__title\">Differences between brass and bronze<\/h4>\n                    <div class=\"c-blog__item__meta\">\n                        <span class=\"c-blog__item__date\">29\/01\/2025<\/span>\n                    <\/div>\n                <div class=\"c-blog__item__desc\">\n                    <p>In the manufacturing industry it is common to use metal alloys such as bronze and brass. 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