Mizuho Bank and Incomlend file Singapore lawsuits against iron ore trader Radiant World over alleged invoice fraud

The Incomlend lawsuit against Radiant World

Trade-finance platform Incomlend Pte. Ltd. filed a civil claim in Singapore's High Court against Radiant World Corporation and founder Pinkesh Nahar on August 24, 2026, seeking more than US$34 million (S$43.2 million). The case is listed as a "tort of deceit conspiracy by unlawful means," a cause of action in which the plaintiff alleges a misrepresentation induced loss. The filing also names Amit Sharma, managing director of private investment firm Tanas Capital, as a defendant; Nahar is recorded in corporate filings as a director of Tanas Capital. As of the filing date, neither the company nor the named defendants had secured legal representation, and a further hearing is scheduled for September 29.

Mizuho Bank's parallel court action

Mizuho Bank, the banking unit of Mizuho Financial Group, filed a separate action on August 28, 2026, in Singapore's Supreme Court, seeking an injunction against Radiant World Corp, the group's main operating unit. The originating action and summons is listed as relating to corporate insolvency. Court filings identify Mizuho as a creditor of the company, though the bank has not disclosed the specific relief it is seeking. The filing is the first publicly identified legal action by a bank against Radiant World in the case.

The underlying Singapore police investigation

The lawsuits follow a Singapore police raid on Radiant World's local office on August 27, 2026, during which officers questioned employees as part of a probe into allegedly falsified documents the company provided to lenders. The Singapore Police Force confirmed on August 20, 2026, that it had opened an investigation after reports were lodged against the trader. The case centers on concerns that invoices and other documents supplied to banks were not valid. American authorities are also reported to be examining the matter; Bloomberg reported in late August that the U.S. Department of Justice and the Commodity Futures Trading Commission are probing transactions involving Radiant World and its creditors.

Lender and trading counterparty flight

Several major banks and commodity houses have moved to limit their exposure to Radiant World in recent weeks. Deutsche Bank and KBC Group froze Radiant World's Singapore bank account earlier in August. In July, Vitol Group and Cargill halted trading with the company, and Glencore, with around $500 million in exposure, said it would take on no new business. According to reporting, at least five banks have been told that invoices underpinning their exposure to the company are not genuine. Radiant World, founded by Nahar in the early 2000s and described on its website as trading more than 80 million metric tons of iron ore annually, has denied wrongdoing.