[sgbuffett]

https://www.theonlinecitizen.com/2023/02...sinessman/

It booked a US$577 million charge in the first half of 2023, after discovering that some nickel cargoes it received did not contain nickel in a case of “systematic fraud”.
It said the fraud was committed by a group of companies connected to and controlled by Indian businessman Prateek Gupta, including TMT Metals and companies owned by Gupta’s UD Trading Group.
Trafigura had begun legal proceedings against Gupta and his companies.
“We have only inspected approximately 10 per cent of the inventory so far,” the company spokesperson said. “There were a number of red flags such as an increase in sailing time.”

[Levin]

A more detailed report here: https://www.straitstimes.com/business/s-...al-circles


UPDATED FEB 12, 2023, 7:11 PM SGT


......

the biggest surprise for many market insiders was not the commodity trader’s missing nickel cargoes.

It was that one of the industry’s largest players was still doing business with a man whom others had long since backed away from.

Indian businessman Prateek Gupta and his companies have a chequered history in the trading world.

Trade finance fund TransAsia Private Capital and merchant Gunvor Group lost money in earlier dealings with Mr Gupta’s companies, public filings show. Others, including banks and counterparties, became uncomfortable at times with the group’s trading activities, according to several sources who either worked at the group or did business with it.

In 2022, India’s federal police announced it was investigating allegations of fraud against Mr Gupta himself.

[*天哥*]

This ah neh everyone in commodity market know is a liar.

[kelhot2001]

Trafigura some more…

Whatever happened to due diligence??

[Notdumb]

Trafigura some more…

Whatever happened to due diligence??

Your ahnn scammer damn powderful.

[kelhot2001]

Your ahnn scammer damn powderful.

Wrong again.

Why the forum communists always guess wrongly one?

[lioncityftw]

As usual, never ever do any business with India.

India should be totally banned by WTO from trading with rest of the world.



Indian national admits they are fraudsters
https://www.dailyo.in/variety/scams-nira...22537.html
Why cheating comes naturally to Indians

Scams are generational

" When an Indian child is growing up, her parents ask her at some point: "Beta, which one is your favourite scam?" The kind of scam you like reveals a personality type—a guide to the future, indispensable to worried parents. My answer as a schoolboy was unwavering: "Mummy, fodder scam."

Scams are generational. Those who are born about now will ten years later have their own favourites: Rotomac, NiMo and others that will show up in the time to come.

We Indians are born fraudsters and hustlers. The big guns obviously hunt bigger game. The returns are higher. Every Indian cheats to the best of her ability. You do the best you can. It’s what school taught us. "


-----------

[TopSage]

99.9% the trafigura staff that seal the deal is an indian too

[Oyk]

Individuals got scammed.  Companies too.

It's getting harder and harder to see through scams that are highly sophisticated.  Lots of well-drafted legal documents, financial reports, entertainment in high society, no cost spared, and well practised speeches.

The scammer wears a suit and tie, finger nails are trimmed nicely, speaks eloquently.

In SgTalk, we may criticize someone who got scammed as if we are smarter and placed in the same situation, we are so smart that we can see through it. 

[Oyk]

As usual, never ever do any business with India.

India should be totally banned by WTO from trading with rest of the world.
-----------

To broad-brush 1.35 billion people as scammers is to say that half of the1.4 billion Chinese are prostitutes just because it is so easy to fook an atb for the price of wumao.

As an ex-mod, I'd expected you to be better able to think logically and analytically.  All human beings are the same, regardless of race or nationality.  Singaporeans are no saints either.  Nor are Malaysians like you.

[Manthink]

[Manthink]

99.9% the trafigura staff that seal the deal is an indian too

TS please correct the title - Trafigura is a French coy based in SG.

https://en.wikipedia.org/wiki/Trafigura

[Manthink]

99.9% the trafigura staff that seal the deal is an indian too

According to 4 years old corp promo video, it claims almost 6/10 of their SG-based staffs are foreigners..
I can only imagine this data is actually MUCH HIGHER now...

https://youtu.be/VwzwFHrvfro

[starbugs]

It usually takes two hands to clap. There is probably an insider at work to facilitate the scam. And yes, Trafigura is only based here for tax reasons, not really a local company.

[Manthink]

To broad-brush 1.35 billion people as scammers is to say that half of the1.4 billion Chinese are prostitutes just because it is so easy to fook an atb for the price of wumao.As an ex-mod, I'd expected you to be better able to think logically and analytically.  All human beings are the same, regardless of race or nationality.  Singaporeans are no saints either.  Nor are Malaysians like you.

Oh my! Another self-promoting story from self-proclaimed "ex-mod" Oyk, who has strange affinity to any topic on  India or Indians.

Now he is attacking SGreans and M'sians...Why ah ?

[Manthink]

The coy's SG office is located in Ocean Financial Centre, same placed as French bank BNP Paribas . Coincidence ? 
Public data says Trafigura employee basic pay pretty good leh....

https://sg.indeed.com/cmp/Trafigura/salaries/trader

[Niubee]

Trafigura some more…

Whatever happened to due diligence??

Blame China la

[Wy:Nox]

TS please correct the title - Trafigura is a French coy based in SG.

https://en.wikipedia.org/wiki/Trafigura

So long as it is run by that group regardless if USA or Singapore company, just beware.

Hang Lamb Head sell Dog Meat.

[Niubee]

As usual, never ever do any business with India.

India should be totally banned by WTO from trading with rest of the world.



Indian national admits they are fraudsters
https://www.dailyo.in/variety/scams-nira...22537.html
Why cheating comes naturally to Indians

Scams are generational

" When an Indian child is growing up, her parents ask her at some point: "Beta, which one is your favourite scam?" The kind of scam you like reveals a personality type—a guide to the future, indispensable to worried parents. My answer as a schoolboy was unwavering: "Mummy, fodder scam."

Scams are generational. Those who are born about now will ten years later have their own favourites: Rotomac, NiMo and others that will show up in the time to come.

We Indians are born fraudsters and hustlers. The big guns obviously hunt bigger game. The returns are higher. Every Indian cheats to the best of her ability. You do the best you can. It’s what school taught us. "


-----------

Most India Indian cut corners and 50% likely cheated someone or our Govt.

[Poomer]

99.9% the trafigura staff that seal the deal is an indian too

Traf really alot of ah neh. It is the only non-Indian trading house full of neh. Chevron is the major with similar situation.

[lioncityftw]

Most India Indian cut corners and 50% likely cheated someone or our Govt.

Yes, this kind of shitty cuntry (literally) who the hell wants to do business with them, except our PAP-Gov? LOL.

https://twitter.com/Stats_of_India/statu...8741518336

[Niubee]

Oh my! Another self-promoting story from self-proclaimed "ex-mod" Oyk, who has strange affinity to any topic on  India or Indians.

Now he is attacking SGreans and M'sians...Why ah ?

He is 100% gay partner of Sycthian.

[Niubee]

Yes, this kind of shitty cuntry (literally) who the hell wants to do business with them, except our PAP-Gov? LOL.

https://twitter.com/Stats_of_India/statu...8741518336

Our Govt is greedy gian png of their "big" market.

[Manthink]

Traf really alot of ah neh. It is the only non-Indian trading house full of neh. Chevron is the major with similar situation.

Errr....you mean that French coy is full of CECA ???

[hansamu]

$768 million....its a lot of money. 

Lots of crooks these days....damn jialat

[Poomer]

Errr....you mean that French coy is full of CECA ???

Early believers yo

[sgxin]

$768 million....its a lot of money. 

Lots of crooks these days....damn jialat

So where did this Spore coy gets this huge sum to buy the fake nickel?

[Oyk]

Oh my! Another self-promoting story from self-proclaimed "ex-mod" Oyk, who has strange affinity to any topic on  India or Indians.

Now he is attacking SGreans and M'sians...Why ah ?

I know your butt get damned sore whenever "Msian" is mention.  You were born there anyway,

And I never said I was a mod.  

[debono]

So where did this Spore coy gets this huge sum to buy the fake nickel?

That is a good question...............that needs to be answered.......

[Truebluesg]

fking ceca scammer
https://finance.yahoo.com/news/citigroup...20132.html