Core Viewpoint - Trafigura Group is pursuing legal action to recover losses exceeding $600 million from Indian businessman Prateek Gupta, who is accused of orchestrating a nickel fraud that has raised concerns about the integrity of the metals market [1][2][3]. Group 1: Legal Proceedings - The trial commenced at the High Court in London, with Trafigura alleging systematic fraud after discovering that nearly $600 million worth of metal purchased did not contain the expected nickel [2][3]. - Gupta's legal representation faced challenges, but he is expected to testify via video link from the UAE, while a former Trafigura executive will also provide testimony [4]. Group 2: Financial Impact - Trafigura realized less than $10 million from selling around 100 cargoes that were left after the fraud was uncovered, with the actual value of the cargoes estimated at over $500 million had they contained the expected nickel [6]. - The transactions involved financing from Citigroup, where Trafigura bought nickel from Gupta's companies under agreements for future buybacks or sales [8][9]. Group 3: Market Context - The case is part of a broader trend of scandals affecting the metals market, highlighting vulnerabilities in warehousing and shipping networks [7]. - Trafigura's internal audit revealed another significant fraud involving over $1 billion in Mongolian oil, indicating ongoing issues within the company's operations [11]. Group 4: Company Background - Despite the scandal, Trafigura is coming off its most profitable period in history and has appointed a new CEO, Richard Holtum, in 2023 [13].