Trafigura Asks to Subpoena Banks in Search for Lost Nickel Funds
- Commodity trader was victim of alleged $600 million fraud
- Trafigura files request in New York court to subpoena US banks
Trafigura filed a request in a New York court on Monday to serve a subpoena on 15 financial institutions.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
Trafigura Group is seeking permission to subpoena Wall Street banks for information that might help the commodity trading giant track down the more than half a billion dollars it lost in an alleged nickel fraud.
Trafigura is still chasing down the funds almost two years after news broke that it was on the hook for almost $600 million of nickel in containers that turned out to be almost worthless carbon steel. It’s suing Prateek Gupta — the businessman it paid the money to — and companies affiliated with his network in London.