Trafigura Fraudster’s Monthly Living Expenses Slashed by Court

The tycoon who masterminded a huge nickel fraud against Trafigura Group had his £20,000 ($27,100) monthly living expenses slashed by 75% at a London court as the trading house stepped up efforts to recover millions of dollars it says it is owed.

Trafigura — which is facing losses of almost $600 million after discovering containers of nickel it had bought from Prateek Gupta in fact contained low value substitutes — is yet to receive a penny after last month’s judgment in its favor. Gupta previously told the court during the trial that he didn’t know where much of the money had gone.