Jefferies alleges $900 million fraud in Radiant receivables deals

A Jefferies-run fund told a court it has evidence of alleged fraudulent conduct by iron ore traders Radiant World and Sapphire Minmetals in receivables-financing deals with a face value of almost $900 million, substantially widening the alleged trade-finance fraud.

Why it matters: The expanded claim raises the stakes in what has been called possibly the largest commodity-finance fraud since Enron, with banks and funds across three continents exposed to Radiant's invoices.

Data as of Bloomberg, October 10, 2026: full article paywalled; headline, publish details and the visible takeaways summary read via a browser session. Single-sourced at this stage; the $900M figure is the fund's court claim, not an established loss.

A Jefferies-run fund said in court proceedings that it has evidence of alleged fraudulent conduct by iron ore traders Radiant World and Sapphire Minmetals in receivables-financing deals with a face value of almost $900 million, Bloomberg reported Saturday. The claim was made in an affidavit by a lawyer for the fund and significantly expands what is known about the scale of the alleged fraud.

The case centers on receivables Jefferies’ Point Bonita trade-finance fund (LAM Trade Finance Group II) financed against invoices purportedly issued by traders including Glencore, which later said the invoices were not genuine. The fund previously obtained a roughly $499 million worldwide freezing order against Radiant and its founder, while Radiant has denied wrongdoing and countersued Glencore for $2 billion in Singapore. The U.S. Justice Department, the CFTC and Singapore police all have probes under way.

Jefferies alleges $900 million fraud in Radiant receivables deals

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