Iron ore trader Radiant World used Glencore invoices that had already been paid, supported by fake contracts, in order to raise $31.7 million, a lender alleged in a filing to Singapore’s High Court.

The disclosure — in papers filed by Singapore-based Incomlend Pte., an invoice financing platform last week — marks the first time a lender to Radiant World has detailed allegations of fraud against it. Bloomberg reported in July that several top commodity firms had moved to cut ties with the company amid concerns it had provided falsified documents to banks to secure finance.

According to the court document, Amit Sharma, a senior executive for the Radiant World group, approached Incomlend in December 2025 asking for financing assistance, to be secured against invoices issued to commodity trader Glencore International AG, a purchaser of its cargoes.

Incomlend advanced $31.7 million in May 2026, the document says, against two invoices with a combined face value of more than $34 million, which Radiant World represented as unpaid amounts due from Glencore.

When Incomlend approached Glencore for payment in August, however, it was informed by the group that the invoices had already been paid, and that the underlying contracts were not genuine, according to the court filing.

Radiant World made representations to Incomlend knowing “fully well that they were false and with the intention that the Claimants would rely on them to make available the total credit amount”, lawyers for Incomlend wrote in the document.

There were further discrepancies in the paperwork, including differing payment terms and bank account details, Glencore allegedly told Incomlend. For one, Glencore’s records showed a cargo had been shipped on a different vessel to the one named by Radiant World, according to the filing.

Radiant World has previously denied wrongdoing and said it conducts its business to the highest commercial and legal standards. The company did not immediately comment on the Incomlend allegations. A spokesperson for Glencore declined to comment.

Incomlend, as a platform, is not a direct creditor but is “pursuing the claim on behalf of the relevant funder,” the company said in a statement. “Incomlend intends to pursue the claim against Radiant World and its directors to the fullest extent.”

Incomlend had expected to earn about $2.5 million in profit from the financing, according to the court filing. The firm is now seeking that amount as damages on top of the $31.7 million it advanced to Radiant World, bringing its total claim to over $34 million.

Incomlend is suing Radiant World, founder Pinkesh Nahar and Amit Sharma, who described himself to Incomlend as holding leadership roles in the group, as well as managing the group’s investment arm Tanas Capital. Sharma declined to comment, and a lawyer for Nahar declined to comment, citing ongoing litigation.

Radiant World now is facing a growing list of legal difficulties, including being sued in Singapore by Incomlend and Mizuho Bank Ltd., and is also facing probes by the US Department of Justice, the US Commodity Futures Trading Commission and Singapore police. A unit of Jefferies Financial Group Inc. won a worldwide freezing order against Radiant World and its founder Pinkesh Nahar, Bloomberg reported this week.

The company is little known outside the world of commodity trading, but has grown quickly to become a major player in the iron ore market. Its ascent has been supported by hundreds of millions of dollars in credit lines from a network of banks and credit funds, which have been in many cases backed by trade documents such as invoices and shipping receipts.

Glencore, one of the world’s biggest miners and traders, has been a major backer of Radiant World through its growth years and a key counterparty in many of its trades. It has since taken a provision of about $480 million on its exposure to the company.

Radiant World has not yet filed a defense in the case and the next hearing is scheduled for Oct. 13.

Written by: Alfred Cang, Jack Farchy, and Katharine Gemmell — With assistance from Preeti Soni @Bloomberg

The post “Radiant World Sent Lender Fake Glencore Deals, Lawsuit Says” first appeared on Bloomberg