Radiant World faces collapse amid invoice fraud allegations

Radiant World Corporation, a Singapore-based commodity trading house founded by Pinkesh Nahar, is facing a rapid collapse following allegations of providing invalid invoices. The company, which saw annual revenues grow from $4.5 billion in 2023 to $9.6 billion in fiscal year 2025, has seen major industry players sever ties.

In late July 2026, influential commodity traders Vitol Group, Cargill, and Glencore ceased business with the firm. Mining giants Rio Tinto and Vale have also removed Radiant from their approved customer lists. Financial institutions have responded by freezing accounts or suspending credit lines; Deutsche Bank and KBC have taken action, and Mizuho filed for insolvency proceedings against the company's Singapore entity in late August 2026.

The Italian banking group Intesa Sanpaolo has provisioned approximately €200 million for its exposure to Radiant. Meanwhile, the Singapore Police are investigating the allegations of document falsification. The company's rapid ascent, which was previously noted for its high-volume iron ore trading, has now led to staff layoffs and increasing creditor claims.