US Fund accuses trader Radiant World of fraud in Swiss complaint

A US fund, Mariner Atlantic Multi-Strategy, has filed a criminal complaint in Switzerland against Radiant World and related companies, alleging fraud and money laundering. The complaint, filed with the Geneva Public Prosecutor's Office on September 14, names Radiant World, its local subsidiary, and founder Pinkesh Nahar. The US fund, managed by Mariner Investment Group, claims it provided Radiant World two revolving credit facilities totaling US$50 million to finance metals trades.

However, it alleges that Radiant World systematically falsified commercial documents to simulate transactions and obtain financing from international lenders, including Mariner, through fictitious trades. Mariner is seeking documents from the Federal Reserve Bank of New York and the Clearing House Interbank Payments System for use in the Swiss proceedings, and has asked prosecutors to open a criminal investigation, conduct searches of premises in Geneva, and seize bank accounts and other assets in Switzerland.

Radiant World has denied the allegations and a spokesperson did not immediately respond to requests for comment. The company is also facing civil lawsuits from Singapore to London over similar allegations.

Brief written by urgent.news from The Business Times - Companies & Markets's own syndicated text. Machine-written — may contain errors; check the original before relying on it.