An Indian businessman defrauded the world’s largest investment company BlackRock of about $500 million (about Rs 4,200 crore). Bankim Brahmbhatt, CEO of US-based broadband telecom and Bridgevoice, has been charged with fraud. He obtained loans through his companies by making fake bills. BlackRock’s private debt arm, HPS Investment Partners, is now trying to recover the money.
Funds transferred to India-Mauritius accounts
According to a Wall Street Journal report, the loans were given to Brahmbhatt’s companies in 2020 on the condition that outstanding customer payments would be collateralized. Later investigation revealed that these bills were completely fake. The investigation revealed that the loan amount was transferred to foreign accounts in India and Mauritius.
Allegations of systematic fraud
BlackRock says the entire scheme was well-planned. Bankim Brahmbhatt’s financing also includes a French bank, BNP Paribas. This bank financed about half of the loans given to Carioux Capital and its associates in Brahmbhatt’s telecommunications company. When the loan process began, HPS appointed Deloitte to verify Carioux’s assets through customer due diligence. Later, CBIZ was called for annual audit. Both companies did not comment publicly.
How did such a big scam come to light?
In July 2025, an HPS employee noticed discrepancies in customer emails used to verify invoices. Many of these addresses came from fake domains imitating real telecommunications companies. Further investigation revealed that some of the documents purportedly sent by the customers were fraudulent. An HPS employee later visited the offices of Brahmbhatt’s companies in Garden City, New York, and found the premises closed and deserted.