Judge allows US fund to seek New York Fed records tied to Radiant World

John Cronan: John Cronan is a US District Judge in Manhattan who presided over the subpoena request in this fraud-related case. He ruled that the subpoenas for payment records from the New York Fed and CHIPS were appropriate and not overly intrusive. The decision requires sequential service on the primary targets before the payment systems. Pinkesh Nahar: Pinkesh Nahar is the founder of Radiant World and has been named as a target in the criminal complaint filed in Geneva alongside the company and related entities. The complaint alleges involvement in systematic falsification of commercial documents for financing purposes. Nahar and the company are required to be served with subpoenas prior to the New York Fed and CHIPS. Radiant World: Radiant World is a Singapore-based iron ore trader involved in metals trading and financing activities. It is currently facing multiple legal actions, including allegations of falsifying invoices to obtain financing, which it denies while stating it adheres to high commercial and legal standards. The company is central to the fraud and money laundering complaint filed by Mariner in connection with unrecovered credit facilities. Federal Reserve Bank of New York: The Federal Reserve Bank of New York is a key regional bank in the US Federal Reserve System responsible for monetary policy implementation and payment systems in the region. It is targeted for subpoenas in this case seeking specific payment records tied to the ongoing fraud investigation involving international trading entities. The judge approved the request as not unduly burdensome. Mariner Atlantic Multi-Strategy LLC: Mariner Atlantic Multi-Strategy LLC is a US-based fund that provided revolving credit facilities to support metals trading activities. It has filed a criminal complaint in Geneva and is seeking subpoenas for payment records as part of its efforts to recover funds drawn down by a counterparty amid fraud allegations. The fund's legal actions have led to the recent court ruling in Manhattan federal court. Clearing House Interbank Payments System: The Clearing House Interbank Payments System (CHIPS) is a private US clearing system that processes large-value interbank payments in US dollars. It has been included in the subpoenas requested by Mariner to obtain payment records relevant to the Radiant World matter. The court directed that Radiant World and related parties be served first before CHIPS responds. Legal Actions: A growing number of legal proceedings have been initiated against Radiant World in multiple jurisdictions including Singapore and London following banks and counterparties ceasing business relations amid invoice falsification claims. Trade Finance Scrutiny: International lenders in metals and commodities trading have heightened monitoring of documentation and transaction authenticity in response to recent fraud allegations in the sector.