Indian-Origin CEO Accused in $500 Million Fraud Targeting BlackRock
Bankim Brahmbhatt, an Indian-origin businessman, stands accused of orchestrating a massive $500 million fraud scheme that targeted major financial institutions including BlackRock’s private credit arm and BNP Paribas.
Key Takeaways
- Bankim Brahmbhatt allegedly fabricated invoices to secure $500 million in loans
- Funds were diverted to offshore accounts in India and Mauritius
- BlackRock’s HPS Investment Partners and BNP Paribas among affected lenders
- Brahmbhatt’s current whereabouts unknown, believed to be in India
The $500 Million Fraud Scheme
According to The Wall Street Journal, Brahmbhatt’s companies – US-based Broadband Telecom and Bridgevoice – created fake financial documents and fabricated invoices to obtain hundreds of millions in loans. The lawsuit filed in August 2025 claims these firms pledged fictitious receivables as collateral for loans from HPS Investment Partners, which BlackRock acquired earlier this year.
One source described the financial scam as “breathtaking” in scale. Investigators allege the borrowed funds were redirected to offshore accounts in India and Mauritius.
Who Is Bankim Brahmbhatt?
Bankim Brahmbhatt is a global telecom industry veteran with over three decades of experience. He founded the Bankai Group, operating internationally through companies like Broadband Telecom and Bridgevoice. His now-deleted LinkedIn profile portrayed him as a visionary entrepreneur focused on bridging communication gaps between developing and developed markets.
How the Fraud Was Uncovered
The scheme began unraveling in July 2025 when an HPS employee noticed irregularities in email communications from supposed clients of Carriox Capital, a New York-based invoice financing firm linked to Brahmbhatt. When HPS attempted to verify the accounts receivable pledged as collateral, they discovered numerous invoices and contracts were completely fabricated.
Disappearance and Aftermath
When confronted by HPS officials about the discrepancies, Brahmbhatt reportedly denied wrongdoing before ceasing all communication. A visit to his Garden City, New York offices revealed locked doors and vacant suites. Neighbors reported not seeing him recently, though luxury vehicles including a Porsche, Tesla, and BMWs remained parked outside his residence.
Several Brahmbhatt-linked companies, including Carriox Capital, have since filed for Chapter 11 bankruptcy protection. HPS has informed clients they believe Brahmbhatt is currently in India, though his exact location remains unknown.
The case has sent shockwaves through the private credit industry, highlighting significant risks in complex receivables-based lending. BlackRock’s HPS and its co-lenders are now engaged in legal battles to recover what could rank among the largest private credit fraud losses in recent years.
