(Sept 3): Iron ore trader Radiant World used Glencore invoices that had already been paid, supported by fake contracts, in order to raise US$31.7 million (RM128.15 million), a lender alleged in a filing to Singapore’s High Court.

The disclosure — in documents filed by Singapore-based Incomlend Pte Ltd, an invoice financing platform last week — is the first time a lender to Radiant World has detailed allegations of fraud against it. Bloomberg first reported in July that several top commodity firms had moved to cut ties with the company amid concerns it had provided falsified documents to banks to secure finance.

According to the documents, Amit Sharma, a senior executive for the Radiant World group, approached Incomlend in December 2025 asking for financing assistance, to be secured against invoices issued to commodity group Glencore International AG, a purchaser of its cargoes.

Incomlend advanced US$31.7 million in May 2026 against two invoices provided to it by Radiant World, the documents say.

When Incomlend approached Glencore for payment in August, however, it was informed by the group that the invoices had already been paid, and that the underlying contracts were not genuine, according to the court filing. 

Radiant World made representations to Incomlend knowing “fully well that they were false and with the intention that the Claimants would rely on them to make available the total credit amount”, lawyers for Incomlend wrote in the document.

Radiant World has previously denied wrongdoing and said it conducts its business to the highest commercial and legal standards. The company did not immediately comment on the Incomlend allegations. A spokesperson for Glencore declined to comment.

Incomlend, as a platform, is not a direct creditor but is “pursuing the claim on behalf of the relevant funder”, the company said in a statement. “Incomlend intends to pursue the claim against Radiant World and its directors to the fullest extent.” 

Incomlend is seeking just over US$34 million, including damages, from Radiant World, founder Pinkesh Nahar and Amit Sharma, who described himself to Incomlend as holding leadership roles in the group as well as managing the group’s investment arm Tanas Capital. Sharma declined to comment, and a lawyer for Nahar did not immediately respond to a request for comment.

Radiant World now is facing a growing list of legal difficulties, including being sued in Singapore by Incomlend and Mizuho Bank Ltd, and is also facing probes by the US Department of Justice, the US Commodity Futures Trading Commission and Singapore police. A unit of Jefferies Financial Group Inc won a worldwide freezing order against Radiant World and its founder Pinkesh Nahar, Bloomberg reported this week.

The company is little known outside the world of commodity trading, but has grown quickly to become a major player in the iron ore market. Its ascent has been supported by hundreds of millions of dollars in credit lines from a network of banks and credit funds, which have been in many cases backed by trade documents such as invoices and shipping receipts.

Glencore, one of the world’s biggest miners and traders, has been a major backer of Radiant World through its growth years and a key counterparty in many of its trades. It has since taken a provision of about US$480 million on its exposure to the company. 

Radiant World has not yet filed a defence in the case and the next hearing is scheduled for Oct 13.

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