It began with a routine inspection that was supposed to confirm the contents of metal containers Trafigura had purchased. Instead, one check in November 2022 sparked a chain reaction across global metals trading. Inside containers marked as high-grade nickel, inspectors found carbon steel, metal worth only a fraction of what Trafigura had paid for.

That discovery led the Geneva-based commodities giant to book a $590 million charge, launch deeper inspections and, eventually, sue Indian businessman Prateek Gupta and his companies.

On Monday, the dispute moved into a London courtroom, and straight into the centre of one of the most dramatic fraud cases the metals world has seen in years.

Trial opens in London: Trafigura calls it 'very substantial fraud'

At London’s High Court, Trafigura’s

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