Who is the man behind the alleged $500 million BlackRock financing scam? Introducing Bankim Brahmbhatt

Bankim Brahmbhatt, an Indian-origin businessman, has been accused of orchestrating what lenders describe as a “breathtaking” fraud that has allegedly left BlackRock’s private-credit arm and other financiers scrambling to recover more than $500 million.

According to a Wall Street Journal report, Brahmbhatt — who owns the telecom-services firms Broadband Telecom and Bridgevoice — is accused of creating fake accounts receivable that were used as collateral for massive loans. His lawyer has denied all allegations of fraud.

Who is Bankim Brahmbhatt?

Brahmbhatt is the head of the Bankai Group, the parent company of Broadband Telecom and Bridgevoice, both relatively obscure players in the global telecom infrastructure and connectivity space. A LinkedIn profile believed to be his has recently disappeared, and little verified public information is available about him.

The Bankai Group’s X (formerly Twitter) account lists him as its president and CEO and describes the company as a global telecom solutions provider working with operators and carriers worldwide. Until recently, Brahmbhatt’s companies operated out of Garden City, New York.

The alleged scheme

Lenders claim Brahmbhatt set up multiple financing entities — including Carriox Capital and BB Capital SPV — to borrow hundreds of millions of dollars from private-credit investors led by HPS Investment Partners, now part of BlackRock.

They allege he fabricated customer invoices and used those falsified receivables to secure loans worth over $500 million, then shifted assets offshore to India and Mauritius. His companies, and Brahmbhatt himself, have since filed for bankruptcy.

Investigators say even the customer emails and contracts shared with lenders were forged, with fake documents allegedly dating back to 2018.

Where is he now?

People familiar with the case believe Brahmbhatt is currently in India. His New York office suite is now locked and vacant, and his listed residence reportedly shows no sign of recent activity — except for several luxury cars parked in the driveway.

BNP Paribas, which helped finance the loans, has not commented publicly.

A letter filed by attorneys for the lenders claims Brahmbhatt “created an elaborate balance sheet of assets that existed only on paper” and secretly moved pledged collateral overseas.

Brahmbhatt’s businesses filed for Chapter 11 bankruptcy in August, followed by two of his financing vehicles. He personally filed for bankruptcy the same day.