Mariner Atlantic Files Criminal Fraud Complaint Against Radiant World
Mariner Atlantic Multi-Strategy filed a criminal complaint in Switzerland accusing iron ore trader Radiant World of fraud and money laundering to secure financing.
The investment fund Mariner Atlantic Multi-Strategy filed a criminal complaint with the Geneva Public Prosecutor’s Office on September 14, accusing iron ore trader Radiant World and its founder, Pinkesh Nahar, of fraud and money laundering. Mariner alleges that Radiant World systematically falsified commercial documents to simulate fictitious trades to obtain financing from international lenders, including two revolving credit facilities totaling US$50 million provided by the fund.
To support the Swiss proceedings, Mariner is seeking wire transfer and payment records from the Clearing House Interbank Payments System and the Federal Reserve Bank of New York. Radiant World denies the allegations but is currently facing a broader financial crisis, including civil lawsuits in London and Singapore.
In Singapore, police are investigating the company. Following a fraud accusation by Mizuho Trust & Banking, a Singapore court appointed restructuring executives from KPMG to oversee the operations of Radiant World.
