Who Is Bankim Brahmbhatt? Know All About the Indian-Origin CEO Accused in a USD 500 Million Fraud Targeting BlackRock’s Private Credit Arm
Indian-origin businessman Bankim Brahmbhatt is at the centre of a USD 500 million fraud that has shaken major financial giants, including BlackRock’s private credit arm and BNP Paribas. His firms allegedly used fake invoices and documents to secure loans later diverted to offshore accounts in India and Mauritius.
New York, October 31: An Indian-origin businessman, Bankim Brahmbhatt, has found himself at the centre of a massive USD 500 million fraud that has rocked some of the world’s biggest financial institutions, including BlackRock’s private credit investment arm and French banking giant BNP Paribas. According to The Wall Street Journal, Brahmbhatt’s companies allegedly fabricated invoices and created fake financial documents to obtain hundreds of millions in loans, which were later diverted to offshore accounts in India and Mauritius.
The lawsuit, filed in August 2025, claims that Brahmbhatt’s firms- US-based Broadband Telecom and Bridgevoice - pledged millions of dollars in fictitious receivables as collateral for loans issued by HPS Investment Partners, a private credit firm acquired by BlackRock earlier this year. HPS and its co-lenders, including BNP Paribas, now allege that they have been defrauded of over USD 500 million in what one source described as a “breathtaking” financial scam. Apple Fires 185 Employees Including Indians for Salary Fraud by Misusing Charity Clause: Report.
Who Is Bankim Brahmbhatt?
Bankim Brahmbhatt is a veteran of the global telecom industry and the founder of the Bankai Group, which operates internationally through companies such as Broadband Telecom and Bridgevoice. With over three decades of experience, Brahmbhatt positioned himself as a key player in telecom infrastructure and voice solutions, selling services to major carriers worldwide. His now-deleted LinkedIn profile described him as a visionary entrepreneur focused on bridging communication gaps between developing and developed markets. Who Are Sidhartha 'Sammy' Mukherjee and Sunita Mukherjee? All About Indian-Origin Couple Arrested in USD 4 Million Real Estate Scam in US.
Brahmbhatt’s troubles began in July 2025, when an employee at HPS noticed irregularities in email communications from supposed clients of Carriox Capital, a New York-based invoice financing firm tied to Brahmbhatt. When HPS attempted to verify the accounts receivable that had been pledged as collateral, they discovered that many of the invoices and contracts were fake. The funds borrowed against these fabricated assets, investigators allege, were then redirected to accounts overseas.
When questioned by HPS officials about the discrepancies, Brahmbhatt reportedly denied wrongdoing and later stopped responding to calls. A subsequent visit to his Garden City, New York, offices revealed locked doors and vacant suites. Neighbours told reporters they had not seen him recently, though luxury vehicles—including a Porsche, Tesla, and BMWs—remained parked outside his residence.
Since the fraud came to light, several companies linked to Brahmbhatt, including Carriox Capital, have filed for Chapter 11 bankruptcy protection in the US. HPS has informed some clients it believes Brahmbhatt is currently in India, though his exact whereabouts remain unknown.
The case has raised alarm across the private credit industry, highlighting the risks of complex receivables-based lending. For now, BlackRock’s HPS and its lenders are battling in court to recover what could be one of the largest private credit fraud losses in recent years.
(The above story first appeared on LatestLY on Oct 31, 2025 11:27 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).