Radiant World Faces Swiss Money Laundering Complaint Over Alleged Fictitious Metals Trades

Iron ore trader Radiant World and related companies are facing allegations of fraud and money laundering after US investment fund Mariner Atlantic Multi-Strategy LLC filed a criminal complaint with the Geneva Public Prosecutor’s Office in Switzerland.

The complaint, filed around September 14, 2026, names Radiant World, its Swiss subsidiary, related entities, founder Pinkesh Nahar and other individuals. Mariner is asking Swiss prosecutors to open a criminal investigation, search premises in Geneva and seize bank accounts and other assets connected to the alleged transactions.

The allegations centre on financing arrangements intended to support metals trading. Mariner says it provided financing through two revolving credit facilities totalling approximately US$50 million, with funds released in late June 2026. In court filings, the fund alleged that commercial documents were falsified to simulate trades and obtain financing from international lenders.

Mariner stated that approximately US$48.6 million was transferred to an account in the United Arab Emirates and that it has been unable to recover the funds. The fund alleges that the underlying transactions were fictitious and that documents presented to support the financing did not accurately reflect genuine commercial activity.

The allegations have not been established in court. Radiant World has previously denied wrongdoing, describing allegations against the company as inaccurate and unsubstantiated and stating that it conducts business in accordance with commercial and legal standards. The Geneva Public Prosecutor’s Office has not publicly confirmed whether it has received the complaint.

The Swiss proceedings are part of a broader series of legal and financial developments involving Radiant World. The company has faced scrutiny from creditors and counterparties over concerns about invoices and supporting documents used to obtain trade financing. These concerns have prompted civil proceedings and investigations across multiple jurisdictions.

In a related development, a US federal judge on October 6 authorised Mariner to obtain payment records from the Federal Reserve Bank of New York and the Clearing House Interbank Payments System (CHIPS). The records are intended for use in the Swiss proceedings and may help trace the movement of funds associated with the disputed financing.

US District Judge John P. Cronan, of the Southern District of New York, ruled that Mariner’s request was sufficiently specific and did not appear unduly intrusive or burdensome. The application concerned payment records associated with identified accounts and a defined period.

The authorisation was granted under Section 1782 of US law, which allows federal courts to assist parties seeking evidence for use in proceedings before foreign tribunals. The judge directed Mariner to notify the targets of the Swiss proceedings before serving the subpoenas. The Federal Reserve Bank of New York and CHIPS must respond within 28 days of service, subject to the applicable procedural requirements.

The requested records could provide information about transfers through the US financial system, including payment messages and transaction details relevant to the allegations. The order authorises the collection of evidence; it does not determine whether the alleged fraud or money laundering occurred.

Radiant World has also faced proceedings involving Mizuho Bank, which extended approximately US$100 million in credit to the trader in June 2026. Documents and reporting about that separate financing arrangement indicate that invoices purporting to document iron ore sales were later disputed by Glencore, which said it did not recognise the transactions represented by the invoices. Radiant World has denied allegations that it provided invalid documents.

The company’s difficulties have extended to Singapore, where a court appointed KPMG restructuring professionals to manage its operations following an application by Mizuho. Singapore police are also investigating the company. Creditors have pursued claims in several jurisdictions as questions surrounding the financing arrangements and supporting trade documentation continue to be examined.

Radiant World operates in the international commodities market, where trade financing commonly relies on invoices, receivables, shipping records and other documents to establish the existence and value of transactions. Where lenders suspect that documentation does not reflect genuine trades, the resulting disputes can involve complex investigations across banks, counterparties, payment systems and multiple jurisdictions.

The Swiss complaint seeks to establish whether criminal offences occurred and whether assets can be identified and recovered. The US court’s authorisation to obtain payment records provides Mariner with an additional route to gather evidence for those proceedings.

No final criminal findings or convictions relating to the allegations in the Swiss complaint had been announced as of October 12, 2026. The allegations remain disputed, and any determination of criminal liability will depend on the outcome of the relevant investigations and legal proceedings.

By fLEXI tEAM