The company trafiguraspecialized in the commercialization of raw Materialssaid today that it has uncovered systematic fraud by a group of companies connected to or controlled by Indian industrialist Prateek Gupta, which could result in estimated losses of up to $577 million.
The entity said it has initiated legal proceedings against the businessman and the companies involved, including TMT Metals and UD Trading Group.
As reported by Transfigura, the fraud would have to do with nickel shipments in transit during 2022 for which false documentation would have been presented.
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Internal investigations have established that there was no complicity by Transfigura personnel in the activities judged illegal, but the proceedings continue.
The company said a small portion of the containers it purchased from Gupta’s companies were inspected upon arrival and found to be free of the purchased nickel.
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Most of the shipments are still in transit and will still be inspected, but the company has already made its calculations of the losses it could face, which could reach a maximum of $577 million in the first half of this year due to this fraud. .
The affected group is one of the most powerful in the energy and metals trading sector worldwide, and considered that despite this fact, its financial results and its net profit, in particular, will exceed in the first half of 2023 what which he obtained in the same period of 2022.
Source: EFE
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Source: Gestion
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