Singapore-based commodities trading house Radiant World Corporation has become the centre of fraud lawsuits, with a New York fund filing a criminal complaint in Switzerland against the firm and its founder Pinkesh Nahar for alleged fraud and money laundering. Court filings revealed six creditors held a combined US$870 million exposure, as Singapore police, the US Justice Department and the CFTC probe related transactions.
On September 14, 2026, Mariner Atlantic Multi-Strategy — a New York fund — filed the criminal complaint with the Geneva Public Prosecutor's Office against Radiant World Corporation SA, the firm's Geneva subsidiary, founder Pinkesh Nahar and other parties. Mariner, which had extended two revolving credit facilities totalling US$50 million to Radiant World Corporation entities in June, saw US$48.6 million drawn down within days. It asked the Swiss authorities to investigate, search Geneva premises and seize bank accounts and assets, and separately asked a New York federal court for discovery from the Federal Reserve Bank of New York and the Clearing House payments system for use in the Swiss proceedings.
The scale of the alleged hole is stark. Court filings showed six receivables-finance creditors with a combined US$870 million exposure: Jefferies Financial Group (US$353 million), Intesa Sanpaolo (US$238 million), Deutsche Bank (US$103 million), Mizuho Bank (US$97 million), Mariner (US$49 million) and Incomlend (US$31 million). Mizuho's lawsuit alleged Radiant World Corporation provided a falsified email suggesting commodities giant Glencore would repay a US$95.5 million loan; Glencore told the bank the underlying transactions did not exist and the communications had been "generated fraudulently." Pinkesh Nahar, in an affidavit, insisted the trades were genuine and that Glencore had confirmed and paid receivables for years — and Radiant World Corporation has countersued Glencore in Singapore for US$2 billion.
The enforcement net is widening on multiple fronts. Singapore police, the US Justice Department and the US Commodity Futures Trading Commission are all probing related transactions; multiple banks froze Radiant World Corporation's accounts and trading houses halted dealings. In late September, a Singapore court granted Mizuho's application to place Radiant World Corporation under interim judicial management, appointing KPMG executives and stripping Pinkesh Nahar of operational control. Jefferies' Point Bonita fund secured a UK worldwide freezing order and a Singapore freeze injunction, with Pinkesh Nahar and a related company's chairman placed under a £4,000-a-week spending limit.
The affair has turned Singapore — still scarred by the Hin Leong collapse — into the battleground for one of the largest alleged frauds in commodities trading in years. Radiant World Corporation grew with extraordinary speed into one of the world's largest iron ore traders; whether that growth was built on genuine trade or fabricated paper is now a question for courts on three continents.