In the layered world of commodity finance, where trust is extended across oceans on the strength of a document, a Singapore-based iron ore trader called Radiant World now stands accused of constructing an elaborate fiction — forged emails, phantom cargoes, and fabricated invoices — to secure nearly US$100 million from Mizuho Bank. The alleged scheme, which Glencore says it had no part in, has drawn in multiple global lenders and exposed the fragility of receivables financing when the underlying trades exist only on paper. What began as a banker's quiet suspicion about a missing email has since