Indian origin CEO Bankim Brahmbhatt is at the heart of BlackRock's $500 million 'breathtaking' fraud: Who is he and where is he now?
Bankim Brahmbhatt, the Indian-origin CEO of a US-based telecom company Broadband Telecom and Bridgevoice, is at the centre of a major controversy as he has been accused of orchestrating a USD 500 million loan fraud involving BlackRock-backed lender HPS Investment Partners, according to the Wall Street Journal. The fraud has been described as "breathtaking" and has reportedly left BlackRock’s private-credit investing arm and other lenders scrambling, trying to recover more than $500 million.
Bankim Brahmbhatt allegedly created fake customer accounts and receivables to obtain large loans from American lenders. Among those lenders is HPS Investment Partners, an investment firm backed by BlackRock, one of the world’s largest asset managers.
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Who is Bankim Brahmbhatt?
According to the reports, lenders have accused Bankim Brahmbhatt of fabricating accounts receivable that were supposed to be used as loan collateral. Bankim Brahmbhatt is the owner of Broadband Telecom and Bridgevoice, a pair of little-known companies in the global telecom-services sector.
Bankim Brahmbhatt had described himself in past interviews with Entrepreneur Middle East and Industry Chronicle as a "telecom engineer" who began his entrepreneurial journey in 1989 with a push-button telephone manufacturing unit in India. Over time, his ventures expanded into satellite communication, telecom billing, and digital financial platforms under the Bankai Group.
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The group’s main product, MobiFin Elite, provides digital financial services to clients across multiple countries, especially in Africa. Brahmbhatt had often spoken about creating a self-sustaining ecosystem for telecom operators and financial institutions by combining “technical skills and people skills.” His LinkedIn profile which earlier has sizable followers appears to have deactivated.
In interviews with Entrepreneur Middle East and Industry Chronicle, Brahmbhatt described himself as a telecom engineer turned entrepreneur, who began his journey in 1989 by setting up a push-button telephone manufacturing unit in India. Over the years, his ventures expanded into satellite dishes, telecom billing, and digital financial solutions.
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What is the case against Bankim Brahmbhatt?
Bankim Brahmbhatt, a telecom engineer turned entrepreneur, is under investigation over an alleged $430 million loan fraud linked to his group of companies, as per the WSJ report. HPS Investment Partners began lending to a financing arm associated with Brahmbhatt’s businesses in September 2020. The exposure later grew to about $430 million by August 2024, with BNP Paribas involved in financing the loans. The alleged fraud came to light in July 2024 when an HPS employee noticed that customer emails appeared to originate from fake domains resembling real telecom firms.
When questioned, Brahmbhatt reportedly assured HPS officials there was “nothing to worry about,” but soon after, he stopped responding to all communication. Independent investigations by accounting firm CBIZ and law firm Quinn Emanuel, appointed by the lenders, revealed that several emails and invoices submitted as proof of receivables were falsified, the WSJ reported.
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A Belgian telecom company, BICS, confirmed to investigators that it had no connection to the communications or transactions linked to Brahmbhatt’s firms, describing the case as a “confirmed fraud attempt.” Court documents also suggest that fake customer contracts date back to 2018 and that pledged assets were diverted to offshore accounts in India and Mauritius.
Is he in India?
HPS has informed clients that it believes Brahmbhatt is currently in India. According to the WSJ, a person who visited his companies’ New York offices in July found them closed and empty.
While U.S. courts are now handling the bankruptcy and civil proceedings, Brahmbhatt’s whereabouts remain unclear. The extent of the alleged fraud and its potential financial impact on HPS’s private credit arm and BNP Paribas are still under investigation.
Bankim Brahmbhatt allegedly created fake customer accounts and receivables to obtain large loans from American lenders. Among those lenders is HPS Investment Partners, an investment firm backed by BlackRock, one of the world’s largest asset managers.
ALSO READ: The $500 Million Question: How a missing Indian-origin CEO fooled BlackRock for four years
Who is Bankim Brahmbhatt?
According to the reports, lenders have accused Bankim Brahmbhatt of fabricating accounts receivable that were supposed to be used as loan collateral. Bankim Brahmbhatt is the owner of Broadband Telecom and Bridgevoice, a pair of little-known companies in the global telecom-services sector.
Bankim Brahmbhatt had described himself in past interviews with Entrepreneur Middle East and Industry Chronicle as a "telecom engineer" who began his entrepreneurial journey in 1989 with a push-button telephone manufacturing unit in India. Over time, his ventures expanded into satellite communication, telecom billing, and digital financial platforms under the Bankai Group.
ALSO READ: JPMorgan CEO Jamie Dimon fires back at employees’ work from home petition, says 'not making fun of Zoom but...'
The group’s main product, MobiFin Elite, provides digital financial services to clients across multiple countries, especially in Africa. Brahmbhatt had often spoken about creating a self-sustaining ecosystem for telecom operators and financial institutions by combining “technical skills and people skills.” His LinkedIn profile which earlier has sizable followers appears to have deactivated.
In interviews with Entrepreneur Middle East and Industry Chronicle, Brahmbhatt described himself as a telecom engineer turned entrepreneur, who began his journey in 1989 by setting up a push-button telephone manufacturing unit in India. Over the years, his ventures expanded into satellite dishes, telecom billing, and digital financial solutions.
ALSO READ: The mystery of '67': Why Dictionary.com chose a number instead of a word and why is everyone talking about it
Bankim Brahmbhatt, a telecom engineer turned entrepreneur, is under investigation over an alleged $430 million loan fraud linked to his group of companies, as per the WSJ report. HPS Investment Partners began lending to a financing arm associated with Brahmbhatt’s businesses in September 2020. The exposure later grew to about $430 million by August 2024, with BNP Paribas involved in financing the loans. The alleged fraud came to light in July 2024 when an HPS employee noticed that customer emails appeared to originate from fake domains resembling real telecom firms.
When questioned, Brahmbhatt reportedly assured HPS officials there was “nothing to worry about,” but soon after, he stopped responding to all communication. Independent investigations by accounting firm CBIZ and law firm Quinn Emanuel, appointed by the lenders, revealed that several emails and invoices submitted as proof of receivables were falsified, the WSJ reported.
ALSO READ: JD Vance becomes his own meme on Halloween: US Vice-President's hilarious costume breaks the internet. Watch video
A Belgian telecom company, BICS, confirmed to investigators that it had no connection to the communications or transactions linked to Brahmbhatt’s firms, describing the case as a “confirmed fraud attempt.” Court documents also suggest that fake customer contracts date back to 2018 and that pledged assets were diverted to offshore accounts in India and Mauritius.
Is he in India?
HPS has informed clients that it believes Brahmbhatt is currently in India. According to the WSJ, a person who visited his companies’ New York offices in July found them closed and empty.
While U.S. courts are now handling the bankruptcy and civil proceedings, Brahmbhatt’s whereabouts remain unclear. The extent of the alleged fraud and its potential financial impact on HPS’s private credit arm and BNP Paribas are still under investigation.
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