Home / Business and Economy / Jefferies Accuses Radiant World of $500M Fraud Scheme

Jefferies Accuses Radiant World of $500M Fraud Scheme

8 Sep

Summary

Jefferies fund claims Radiant World faked invoices and documents.
A lawsuit filed in London seeks over $500 million in damages.
This marks one of the first public fraud accusations against Radiant World.

Jefferies Accuses Radiant World of $500M Fraud Scheme

A fund managed by Jefferies Financial Group II LLC has lodged a significant legal claim in London, accusing Radiant World of orchestrating a fraudulent scheme. The lawsuit, filed in late August, alleges that Radiant World and its associated entities, including Sapphire Minmetals Corporation Ltd., falsified invoices, notices of assignment, contracts, and email correspondence to defraud the fund.

As a consequence of these allegations, a judge imposed a worldwide freezing order against Radiant World and its founder, Pinkesh Nahar. The total claim amounts to over $500 million, although the precise calculation has not been detailed in the legal filing. This legal action is notable as it's one of the first public fraud accusations from a major lender directed at Radiant World.

Disclaimer: This story has been auto-aggregated and auto-summarised by a computer program. This story has not been edited or created by the Feedzop team.