Bankim Brahmbhatt, a businessman of Indian origin, is facing accusations of orchestrating a fraud described as “breathtaking.” This alleged scheme has reportedly caused BlackRock’s private credit investment arm and other lenders to seek the recovery of hundreds of millions of dollars, potentially exceeding $500 million.
While Brahmbhatt’s legal representative disputes these allegations, lenders claim he fabricated accounts receivable, which were then used as collateral for loans. This information comes from a Wall Street Journal report.
Who is Bankim Brahmbhatt?
Bankim Brahmbhatt is known as the owner of Broadband Telecom and Bridgevoice, two relatively small companies within the global telecommunications sector. Information about him is scarce online, and a LinkedIn profile that appeared to belong to him has reportedly been deleted.
These companies are part of the Bankai Group. In a July post on X (formerly Twitter), the Bankai Group identified Brahmbhatt as its president and CEO. The group’s X bio describes itself as a “globally recognized leader in the telecommunications industry.” Brahmbhatt’s businesses reportedly provide essential infrastructure and connectivity solutions to telecom operators worldwide. He had offices in Garden City, New York, until recently.
According to lenders, Brahmbhatt established a network of financing entities, including Carriox Capital and BB Capital SPV. These entities allegedly borrowed substantial sums from private credit investors, primarily led by BlackRock’s HPS Investment Partners, a major private credit firm recently acquired by BlackRock.
The core of the lenders’ accusations is that Brahmbhatt fabricated customer invoices, using these fraudulent documents as collateral for loans totaling over $500 million. It is further alleged that he moved assets offshore to India and Mauritius. Subsequently, both his companies and he personally have filed for bankruptcy. However, his lawyer maintains that the fraud allegations are unfounded.
Where is Bankim Brahmbhatt?
Sources cited in the Wall Street Journal report suggest that lenders believe Brahmbhatt is currently in India.
An individual associated with HPS reportedly visited Brahmbhatt’s company offices in Garden City, New York, in July and found them closed. As of Wednesday, the office suite remained locked and appeared unoccupied, with a neighbor noting a lack of recent activity.
At a property listed as Brahmbhatt’s residence, several luxury vehicles—two BMWs, a Porsche, a Tesla, and an Audi—were observed parked in the driveway. BNP Paribas is also mentioned as having financed loans issued by HPS Investment Partners, though the bank has not yet commented on the matter.
Lenders assert that their investigation uncovered that all customer emails provided over the past two years, along with customer contracts dating back to 2018, were fabricated. Attorneys for the lenders stated in a complaint, as quoted by the Wall Street Journal, that “Brahmbhatt created an elaborate balance sheet of assets that existed only on paper.” The complaint also alleges that he transferred pledged assets to offshore accounts in India and Mauritius.
Brahmbhatt’s telecom businesses filed for bankruptcy in August, with Carriox Capital II and BB Capital SPV following suit. Brahmbhatt himself filed for personal bankruptcy on August 12, the same day his companies entered Chapter 11 proceedings.