A major financial scandal has surfaced, with Bankim Brahmbhatt, an Indian-origin businessman, accused of orchestrating a colossal loan fraud exceeding $500 million. This alleged scheme, described as “breathtaking,” has left major financial institutions, including BlackRock’s private-credit arm, scrambling to recover their funds.
Brahmbhatt is identified as the head of two lesser-known telecom firms, Broadband Telecom and Bridgevoice, operating under the Bankai Group. The Bankai Group presents itself as a global leader in telecom infrastructure and connectivity solutions for operators worldwide. Brahmbhatt’s LinkedIn profile is reportedly deleted, and details about him are scarce online.
Lenders, notably HPS Investment Partners (recently acquired by BlackRock), have accused Brahmbhatt of creating a sophisticated financing structure through entities like Carriox Capital and BB Capital SPV. They allege that from 2018 onwards, Brahmbhatt systematically generated fake customer invoices and contracts, utilizing these fabricated accounts receivable as collateral for loans worth over $500 million. According to legal complaints, Brahmbhatt allegedly constructed an “elaborate balance sheet of assets that existed only on paper.” Furthermore, lender investigations reportedly found that all customer emails provided over the past two years were fraudulent. The accusations also include the transfer of these pledged assets to offshore accounts, initially in India and subsequently in Mauritius. Brahmbhatt’s attorney has publicly denied the fraud allegations.
The financial collapse was rapid. Brahmbhatt’s telecom companies filed for bankruptcy in August. He personally filed for Chapter 11 bankruptcy on August 12, the same day his companies initiated bankruptcy proceedings. Two financing vehicles, Carriox Capital II and BB Capital SPV, also sought bankruptcy protection. Creditors believe Brahmbhatt has returned to India. HPS representatives visited his former Garden City offices in July to find them locked and empty.
Luxury vehicles were seen outside a residence listed as Brahmbhatt’s, but his office suite remained inaccessible. BNP Paribas is said to have provided debt financing for the loans issued by HPS Investment Partners; however, the bank has refrained from commenting on the situation. The pursuit of recovery and accountability in this massive fraud case is ongoing.