Police in Singapore are now investigating one of the largest iron traders in the world

Singapore police are currently investigating Radiant World, one of the world's largest iron traders, according to sources. This comes after reports by Bloomberg stating that the U.S. Justice Department (DOJ) and Commodity Futures Trading Commission (CFTC) are also probing the iron-ore trader. Radiant World, headquartered in Singapore, has offices in several global cities including Geneva, London, Shanghai, Dubai, Connecticut, and Mumbai.

The company has reportedly been accused of falsified trade documents, with the U.S. DOJ looking into these allegations separately. Other firms such as Vitol, Cargill, Glencore, KBC, Deutsche Bank, and Rio Tinto have ceased or frozen business dealings with Radiant World due to the investigation. The company has also faced layoffs, with Reuters reporting that over 100 employees have been let go from its Dubai operations.

Radiant World's founder, Pinkesh Nahar, stated in 2014 that the company aimed to trade one million tonnes of iron ore monthly and generate $1 billion in revenue the following year. The company currently trades around 75 million tonnes annually. In response to the investigations, Radiant World claimed that the accusations were "inaccurate and unsubstantiated," with a representative stating that the company is "well capitalised with healthy liquidity."

Adhitya Sethaputra, who managed the company's Refined Metals division, left the company in July after less than two years.