Singapore begins probe into ore trader Radiant World

Singapore's police force has initiated an investigation into the iron ore trader Radiant World following reports received earlier. The spokesman for Singapore's police force announced this development on Thursday, though no further details about the investigation or its progress have been made public. A representative from Radiant World was not available for comment outside of European working hours.

In recent weeks, the company has faced significant pressure as several of its counterparties and creditors have distanced themselves from the firm due to concerns over potentially falsified documents. Bloomberg previously reported that major players such as Vitol Group and Cargill Inc. had ceased trading with Radiant World, while creditors were reviewing their exposure to the company.

Additionally, the US Department of Justice and the US Commodity Futures Trading Commission are reportedly examining transactions involving Radiant World and its creditors, according to sources familiar with the matter.

Despite these allegations, Radiant World has not been formally accused of any wrongdoing, and the investigative process typically does not lead to charges. The company informed Bloomberg late last week that it was unaware of any ongoing US investigations. Radiant World, which operates a trading hub and office in Singapore, has been a relatively unknown entity until recently, having emerged as a notable player in the iron ore market. Its founder, Pinkesh Nahar, is listed as a resident of Singapore in public documents.