Bankim Brahmbhatt, the Indian-origin CEO accused of a $500 million BlackRock fraud
Bankim Brahmbhatt, an Indian-origin CEO of US-based telecom firms Broadband Telecom and Bridgevoice, is accused of orchestrating a massive $500 million loan fraud involving BlackRock’s private credit arm, HPS Investment Partners, and other global lenders. The lawsuit alleges that Brahmbhatt fabricated invoices and accounts receivable to secure large loans, creating a false appearance of financial health while moving money offshore to India and Mauritius. Investigations found that all customer emails and contracts provided to verify these invoices over two years were fraudulent, including forged documents dating back to 2018.
The fraud has been described as “breathtaking,” with Brahmbhatt’s companies now owing the lenders over half a billion dollars. The case is ongoing in US courts, and lawyers for the lenders claim Brahmbhatt created an elaborate network of companies and financing vehicles to carry out the scheme.
Bankim Brahmbhatt allegedly carried out the $500 million BlackRock fraud through a complex financial scheme involving multiple deceptive steps:
He created fake invoices and accounts receivable to make it appear as though his companies had significant legitimate business revenues and outstanding payments from customers.
These fabricated documents tricked lenders like BlackRock’s HPS Investment Partners into approving large loans on the basis of purported financial health and cash flow.
He allegedly forged customer contracts and email communications over a span of years (since 2018) to provide fake validation of these receivables and mask the fraud.
Brahmbhatt is accused of moving the loan money offshore to India and Mauritius, diverting funds away from lenders and orchestrating cash flows through several interlinked companies and financial vehicles.
By maintaining this intricate web of false financial records and sham transactions, he sustained the illusion of solvency and creditworthiness to keep drawing funds.
This scheme was uncovered when lenders investigated and found all supposed customers and communications were fake, exposing the elaborate nature of the deceit.
