The fund managed by Jefferies once provided loans to the bankrupt auto parts group First Brands Group. Currently, the fund's risk exposure to troubled iron ore trader Radiant World and another entity is close to $500 million, making it one of the largest creditors in the second high-profile suspected fraud case. People familiar with the matter revealed that Jefferies Asset Management obtained a freeze order of up to 499 million US dollars from the London High Court last week. The targets of the freeze include Radiant World, its founder Pinkesh Nahal, suspected affiliate Sapphire Minmetals, and its chairman Rakesh Sisi. This means that Jefferies Fund's risk exposure to Radiant and its affiliates is far higher than previously reported, and also highlights that the fund is a core funding provider for these two iron ore traders. Jeffrey declined to comment. Radiant, Sapphire, Nahal, and Sisi did not respond to requests for comment.

The fund managed by Jefferies once provided loans to the bankrupt auto parts group First Brands Group. Currently, the fund's risk exposure to troubled iron ore trader Radiant World and another entity is close to $500 million, making it one of the largest creditors in the second high-profile suspected fraud case. People familiar with the matter revealed that Jefferies Asset Management obtained a freeze order of up to 499 million US dollars from the London High Court last week. The targets of the freeze include Radiant World, its founder Pinkesh Nahal, suspected affiliate Sapphire Minmetals, and its chairman Rakesh Sisi. This means that Jefferies Fund's risk exposure to Radiant and its affiliates is far higher than previously reported, and also highlights that the fund is a core funding provider for these two iron ore traders. Jeffrey declined to comment. Radiant, Sapphire, Nahal, and Sisi did not respond to requests for comment.