Trafigura sued Prateek Gupta and his companies in the Commercial Court in London, alleging that cargoes documented as nickel held far less valuable material. The court found them liable in deceit on January 30, 2026, and Trafigura puts the sum owed at about $700M plus costs. The DIFC Courts have continued a freezing order over the assets of his wife, Ginni Gupta, to February 1, 2027, and tracing claims remain pending in England.
Latest development Oct 13, 2026
On October 13, 2026, at Ginni Gupta’s request, Justice Robert French of the DIFC Court of First Instance corrected a typographical error in his September 9 decision. Trafigura’s undertaking now bars enforcement of the DIFC freezing order outside the DIFC, rather than outside the UAE, without the court’s permission. The order remains in place until February 1, 2027.
Why it matters
The DIFC Court of Appeal held that the DIFC Courts can freeze assets in aid of foreign proceedings, giving creditors with English judgments a route to assets in Dubai. Trafigura is using that route against assets held by Gupta’s wife.
Background
Trafigura bought about $500M of cargoes documented as nickel in 107 trades with companies linked to Prateek Gupta, including UIL (Singapore) and TMT Metals. In February 2023, Trafigura sued Gupta and his companies in the Commercial Court of the High Court of Justice of England and Wales. It alleged that the containers held far less valuable material. Justice Foxton granted a worldwide freezing order against Gupta on February 8, 2023. Gupta accepted that the cargoes were not nickel but said Trafigura staff had devised a financing arrangement under which Trafigura knew what it was buying.
Trafigura has also pursued assets in Dubai. The Court of First Instance of the Dubai International Financial Centre (DIFC) Courts refused a freezing order on jurisdictional grounds on April 17, 2025. The DIFC Court of Appeal granted one against Gupta and his wife, Ginni Gupta, on April 26, 2025. On September 22, 2025, the Court of Appeal held that the DIFC Courts can freeze assets in aid of foreign proceedings under the 2025 DIFC Courts Law.
After a trial in November and December 2025, Justice Pushpinder Saini gave judgment for Trafigura on January 30, 2026. He held that Trafigura validly rescinded 91 trades and has a proprietary interest in about $489.8M. He found Gupta and his companies liable in deceit and unlawful means conspiracy and rejected Gupta’s account of a 2019 meeting in Dubai as untrue. He found two former Trafigura traders innocent of any wrongdoing. On February 26, 2026, he refused Gupta permission to appeal, which left Gupta free to apply to the Court of Appeal.
Trafigura puts the total owed, with interest, at about $700M plus costs. On September 9, 2026, Justice Robert French of the DIFC Court of First Instance continued the freezing order to February 1, 2027. He dismissed Ginni Gupta’s application to discharge it and refused Trafigura’s request for disclosure of who funds the Guptas’ DIFC legal costs. On October 13, 2026, he corrected a typographical error so that Trafigura’s undertaking covers enforcement outside the DIFC rather than outside the UAE. In England, a second phase on tracing the rescinded sums remains pending.
Timeline 15 events
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OrderDIFC court corrects the scope of Trafigura’s enforcement undertaking
On Ginni Gupta’s request, Justice French corrected a typographical error so that the undertaking covers enforcement outside the DIFC rather than outside the UAE.
DIFC Courts: CFI 040/2025 order with reasons, October 13, 2026
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JudgmentDIFC court continues the Gupta freezing order to February 2027
Justice French dismissed Ginni Gupta’s discharge application, finding no substantial failure of disclosure, and refused Trafigura’s request for disclosure of the Guptas’ legal funding.
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HearingTrafigura seeks tighter Dubai asset freeze on Ginni Gupta
Trafigura asked the DIFC Court of First Instance to tighten restrictions on Ginni Gupta’s assets, including a Dubai villa it alleged she sold to shield funds from enforcement.
Trafigura Seeks Tighter Dubai Asset Freeze to Recover $700 Million From Gupta
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HearingDIFC court hears Ginni Gupta’s bid to discharge the freezing order
Justice Robert French heard her discharge application and Trafigura’s application to strengthen the order over two days.
Global Trade ReviewDIFC Courts: CFI 040/2025 judgment of September 9, 2026
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HearingTrafigura alleges a UAE royal’s companies funded Gupta’s defense
At a London hearing, Trafigura told the court that companies controlled by a member of the UAE royal family had funded a significant part of Gupta’s defense.
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AppealJustice Saini refuses Gupta permission to appeal
Gupta could still apply directly to the Court of Appeal. Trafigura’s counsel said about $140M in interest was owed on top of the principal.
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JudgmentCommercial Court finds Gupta and his companies liable in deceit
Justice Saini upheld Trafigura’s rescission of 91 trades, worth a net $489.8M, and found deceit and unlawful means conspiracy. Tracing of the rescinded sums was left to a second phase.
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HearingCommercial Court trial of Trafigura’s claim against Gupta opens
Justice Pushpinder Saini heard the trial over 10 days in November and December 2025.
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AppealDIFC Court of Appeal upholds power to freeze assets for foreign cases
Chief Justice Wayne Martin, Justice Robert French and Justice Sir Peter Gross allowed Trafigura’s appeal, continued the freezing order, and sent its variation back to the Court of First Instance.
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JudgmentDIFC Court of Appeal grants Trafigura a freezing order against the Guptas
The Court of Appeal made the order without notice after the Court of First Instance refused it on jurisdictional grounds on April 17, 2025.
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OtherDubai court convicts Gupta of forgery, but an appeal acquits him
A Dubai court convicted Prateek Gupta in 2024 of forgery offenses tied to the nickel trading fraud. He was later acquitted on appeal.
Gupta was convicted, then acquitted, in Dubai over Trafigura fraud
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OrderCommercial Court dismisses bid to discharge 2023 freezing order
Justice Bright refused to discharge the worldwide freezing order against Gupta and the corporate defendants, rejecting arguments that Trafigura had failed in its duty of full and frank disclosure.
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FilingTrafigura books $577M impairment over alleged nickel fraud
Trafigura said companies connected to Prateek Gupta had committed a systematic fraud and booked an impairment charge of almost $577M.
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JudgmentCommercial Court freezes Prateek Gupta’s assets worldwide
Justice Foxton granted the order in Trafigura’s London claim. A Chabra order against Ginni Gupta followed on April 25, 2023.
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OtherTrafigura finds Rotterdam cargoes sold as nickel contain no nickel
Trafigura investigators inspecting the purported nickel shipments in Rotterdam found they did not contain the metal. The discovery triggered an internal investigation into the trading relationship with Gupta-linked entities.
Experimental AI forecast
How it is madeWill the DIFC Courts keep freezing relief over Ginni Gupta’s assets in place beyond February 1, 2027?
- DIFC extends Ginni Gupta freeze82%
- Freeze on Ginni Gupta lapses12%
- Trafigura settles with the Guptas6%
- Resolves by
- Mar 31, 2027in 5 months
- Record confidence
- Medium
The DIFC Courts will most likely keep freezing relief over Ginni Gupta’s assets beyond February 1, 2027 (82%). Trafigura now holds a January 30, 2026 Commercial Court judgment in deceit, and the DIFC court refused to discharge the order only weeks ago.
How it resolves. Resolves as “DIFC extends Ginni Gupta freeze” if public DIFC Courts records show the freezing order over Ginni Gupta’s assets was continued, extended, or replaced with equivalent freezing relief beyond February 1, 2027, whether by judgment, consent order, or interim continuation pending a hearing. Resolves as “Freeze on Ginni Gupta lapses” if the order was discharged, set aside on appeal, or allowed to expire without continuation, and no settlement is reported. Resolves as “Trafigura settles with the Guptas” if a settlement between Trafigura and the Guptas is publicly reported and the order is released as part of it before March 31, 2027.
Reasoning
Starting point. Return-date and renewal decisions on freezing orders granted in aid of a creditor holding a merits judgment in fraud: Roughly 80% to 90% of freezing orders backed by a fraud judgment are continued at renewal (judgment estimate)
Freezing orders supporting a creditor with a merits judgment in fraud are usually continued at renewal, roughly 80% to 90% on a judgment estimate. The posture here is strong for Trafigura. The Commercial Court found Gupta liable in deceit and conspiracy on January 30, 2026, and refused him permission to appeal. On September 9, 2026, the DIFC court dismissed Ginni Gupta’s discharge application and found no substantial failure of disclosure. The DIFC Court of Appeal has confirmed the courts’ power to freeze assets in aid of foreign proceedings, which removes the main jurisdictional objection. Trafigura’s allegation that she sold a Dubai villa to shield funds gives it a reason to press for continuation. The leading alternative is that the order lapses or is discharged. That could happen if Ginni Gupta wins a further appeal or shows the link between her assets and the judgment debt is too weak. A settlement is a smaller possibility given the roughly $700 million claimed and the Guptas’ continued resistance. The October 13 correction narrowed only the territorial scope of Trafigura’s undertaking and does not weaken the order itself.
English deceit judgment backs the claim against Gupta assets · DIFC court refused discharge on September 9, 2026 · DIFC Court of Appeal confirmed power to freeze for foreign proceedings · Alleged villa sale suggests ongoing risk of asset dissipation · Possible further appeal by Ginni Gupta
Generated automatically by Claude Opus 5.5 on Oct 18, 2026 from this case’s record on this site, and published without editorial review. The probabilities are the model’s judgment, not measured frequencies, and they are scored publicly as cases resolve. Not legal or investment advice. How the forecasts are made