An extensive fraud investigation has implicated Bankim Brahmbhatt, a businessman of Indian heritage, in a staggering half-billion-dollar loan scheme. This alleged “breathtaking” fraud has put significant financial pressure on a consortium of lenders, including BlackRock’s private-credit division, who are now racing to recover substantial losses.
Brahmbhatt is identified as the proprietor of two relatively obscure telecom firms, Broadband Telecom and Bridgevoice, consolidated under the Bankai Group. This conglomerate claims to be a global frontrunner in offering telecom infrastructure and connectivity solutions. Brahmbhatt’s executive role as President and CEO of the Bankai Group was noted in a social media post. Online footprints for Brahmbhatt are minimal, and a LinkedIn profile that was once associated with him is reportedly no longer active.
The allegations, as detailed by lenders including HPS Investment Partners (now part of BlackRock), outline a sophisticated scheme. Brahmbhatt allegedly established a complex web of financing vehicles, including Carriox Capital and BB Capital SPV, to facilitate borrowing of hundreds of millions of dollars. The central claim is that, beginning in 2018, Brahmbhatt systematically fabricated customer invoices and contractual agreements. These fabricated accounts receivable were then allegedly presented as collateral for loans that cumulatively surpassed $500 million. Court documents reveal that Brahmbhatt allegedly constructed an “elaborate balance sheet of assets that existed only on paper.” Furthermore, a lender probe uncovered evidence suggesting that all customer correspondence provided over the preceding two years was falsified. The lenders also assert that Brahmbhatt illicitly transferred the pledged assets to offshore jurisdictions, first to India and later to Mauritius. Brahmbhatt’s legal counsel has publicly denied the charges of fraud.
The financial collapse was remarkably rapid. Brahmbhatt’s telecom enterprises sought bankruptcy protection last August. Brahmbhatt himself filed for Chapter 11 bankruptcy on August 12, concurrently with his companies’ bankruptcy filings. Two related financing entities, Carriox Capital II and BB Capital SPV, also submitted bankruptcy filings. Lenders suspect that Brahmbhatt is currently in India. An attempt by an HPS representative to visit his Garden City offices in July revealed them to be empty and secured.
While luxury vehicles were observed parked near a residence identified as Brahmbhatt’s, his business premises remained inaccessible. Reports indicate that BNP Paribas provided debt financing for some of the loans issued by HPS Investment Partners, though the bank has offered no comment.