BlackRock and several global lenders are scrambling to recover over $500 million tied to an alleged loan fraud scheme involving falsified invoices, phantom customers, and offshore money transfers—an operation one lawsuit calls “breathtaking” in scope.
According to a Wall Street Journal report, BlackRock’s private-credit arm HPS Investment Partners and other lenders, including BNP Paribas, have filed suit in the U.S. against Bankim Brahmbhatt, the Indian-origin owner of telecom services firms Broadband Telecom and Bridgevoice.
The lawsuit, filed in August, accuses Brahmbhatt of orchestrating a years-long deception by creating fake invoices and fictitious accounts receivable to secure massive loans. The money, lenders claim, was shifted offshore to India and Mauritius while the companies maintained an illusion of financial strength.
HPS began lending to Brahmbhatt’s Carriox Capital and affiliated firms in 2020, initially backing the group with $385 million—later expanding to about $430 million by August 2024. BNP Paribas reportedly financed nearly half that amount. The French bank declined to comment.
Red flags emerged in July 2025 when an HPS employee uncovered suspicious customer emails tied to fake domains mimicking legitimate telecoms. Further inquiry revealed that supposed client communications were fabricated. When confronted, Brahmbhatt stopped responding.
A visit to the companies’ Garden City, New York offices found them shuttered. Neighbors said they hadn’t seen any activity in weeks. At Brahmbhatt’s nearby home, reporters spotted luxury cars and an unopened package gathering dust.
Investigators hired by HPS, including law firm Quinn Emanuel and accounting firm CBIZ, later determined that all customer emails used to verify invoices since 2023 were fake. Some contracts dated to 2018 were also forged.
One striking example involved Belgian telecom BICS. In July, a company official confirmed that emails attributed to them were fraudulent, calling it a deliberate attempt at deception.
The lenders’ complaint accuses Brahmbhatt of manufacturing a “fictional balance sheet” to dupe financial institutions, and claims he moved significant assets offshore.
