Radiant World sued by Mizuho Bank, Incomlend
Iron ore trader is being investigated over alleged falsified financial documents.
Radiant World, one of the world’s largest iron ore traders, is being sued by Mizuho Bank and Incomeled Pte. Ltd following investigations over allegedly falsified documents .
Mizuho Bank, the banking unit of Mizuho Financial Group, is seeking an injunction against Radiant World Corporation, a court listing showed on Friday, Reuters reported.
Incomlend Pte. Ltd., a platform that provides invoice financing and that was listed as a creditor for Radiant World, is seeking over $34 million from the company and founder Pinkesh Nahar, according to a court document filed August 24, Bloomberg reported.
The case is listed as a “tort of deceit conspiracy by unlawful means,” with a hearing to take place on September 29.
Radiant World was founded by Nahar in the early 2000’s and was built on trading with trust, reliability and integrity, trading more than 80 million metric tons of iron ore annually, according to their website.
In July, Vitol Group and Cargill halted trading with Radiant World, and Glencore, with a $500 million exposure , also added it is no longer doing new business with the company.
This drawback from lenders started with Deutsche Bank (NYSE: DB) and KBC Group NV freezing Radiant World’s Singapore bank account earlier this month.
Investigations by the Singapore Police and the US Justice Department and Commodity Futures Trading Commission are reportedly underway.
The unit operates mostly in Odisha and accounted for 21% of India’s overall coal production in fiscal year 2026.
