Indian-Origin Entrepreneur Accused in $500 Million BlackRock Fraud
Bankim Brahmbhatt, an Indian-origin entrepreneur, allegedly defrauded BlackRock’s private-credit division and global lenders of over $500 million through an elaborate scheme involving fake telecom contracts and forged documents dating back to 2018.
Key Takeaways
- Bankim Brahmbhatt accused of fabricating invoices and contracts worth $500+ million
- BlackRock’s HPS Investment Partners and BNP Paribas among major lenders affected
- Fraud involved fake domains mimicking legitimate telecom companies like T-Mobile and Telstra
- All accused companies have filed for bankruptcy; Brahmbhatt believed to be in India
The Elaborate Fraud Scheme
According to Wall Street Journal investigations, Brahmbhatt’s companies—Broadband Telecom, Bridgevoice, and Carriox Capital—allegedly created an extensive network of fake customer invoices, forged email correspondence, and fabricated contracts. The scheme centered on asset-based financing, where future customer payments are pledged as collateral.
Brahmbhatt’s firms claimed to finance receivables for major international telecom companies including T-Mobile, Telstra, and Telecom Italia Sparkle. However, investigators discovered these business relationships were entirely fictional.
Sophisticated Deception Tactics
The accused went to extraordinary lengths to maintain the deception, creating fake email domains that mimicked legitimate telecom companies. This allowed his team to send fraudulent confirmation emails directly to lenders. Even professional auditors from Deloitte and CBIZ initially failed to detect the sophisticated fake infrastructure during verification checks.
BlackRock’s HPS Investment Partners began lending to Brahmbhatt’s ventures in September 2020, with investments growing to approximately $430 million by August 2024. French banking giant BNP Paribas funded nearly 50% of the loans to Carriox Capital and affiliated entities.
How the Scheme Unraveled
The fraud began collapsing in July 2025 when an HPS employee noticed irregularities with email addresses during routine verification. The addresses came from fake domains mimicking real telecom companies. When lenders raised concerns, Brahmbhatt initially assured them there was nothing to worry about before completely cutting off communication.
Investigators found Brahmbhatt’s Garden City, New York offices locked and abandoned. Belgian telecom company BICS confirmed in writing to investigators that it had no connection to the emails shared by Brahmbhatt’s firms, calling it “a confirmed fraud attempt.”
Aftermath and Current Status
By August 2025, all of Brahmbhatt’s telecom companies had filed for bankruptcy. Brahmbhatt declared personal bankruptcy on the same day his companies sought Chapter 11 protection. The lawsuit alleges he transferred assets that should have been pledged as collateral to offshore accounts in India and Mauritius.
Lenders believe Brahmbhatt is currently in India, while his lawyer has denied all fraud allegations. This case is expected to trigger industry-wide scrutiny of due diligence practices in private-credit markets.
