An Indian man named Bankim Brahmbhatt is charged with committing a fraud known as "breathtaking," which has allegedly left the private-credit investing division of the American multinational investment firm BlackRock and other lenders attempting to recoup hundreds of millions of dollars—more than $500 million, to be exact.
According to a Wall Street Journal story, Bankim Brahmbhatt, the owner of a small telecom services company, has denied the fraud claims. Lenders have accused Brahmbhatt of creating accounts receivable that were intended to be used as loan collateral.
Bankim Brahmbhatt is who?
Broadband Telecom and Bridgevoice are two obscure businesses in the worldwide telecom services industry that are owned by Bankim Brahmbhatt.

The internet doesn't have a lot of information about Bankim Brahmbhatt, and a LinkedIn page that purports to be his has been removed.
The two businesses are part of the Bankai Group, which named Bankim Brahmbhatt its president and chief executive officer in a July X post. A "globally recognised leader in the telecommunications industry, cherishing telecom technology and carrier business fraternity with Telcos, Operators & more," according to the Bankai Group's X profile.
According to their website, Bankim Brahmbhatt's companies offer connection and infrastructure solutions to other telecom carriers across the globe. According to the WSJ story, Brahmbhatt had offices in Garden City, New York, until recently.

BlackRock just purchased the massive private-credit company HPS Investment Partners.
He is accused by lenders of creating fictitious client invoices and using them as security for loans totalling more than $500 million. They assert that he moved assets abroad to Mauritius and India, and that both he and his businesses have declared bankruptcy. The claims of fraud have been refuted by his attorney.
Bankim Brahmbhatt is where?
According to people with knowledge of the situation quoted in the WSJ article, lenders think Brahmbhatt is in India right now.
In July, an HPS employee reportedly discovered that Brahmbhatt's enterprises' Garden City offices were closed.
The office space was still locked and looked empty on Wednesday. According to a neighbouring tenant, nobody has been using the facility lately.

According to the report, a number of high-end vehicles, including two BMWs, a Porsche, a Tesla, and an Audi, were parked in the driveway next to a dust-covered package at a nearby house that was identified as Brahmbhatt's home.
People with knowledge of the situation say that BNP Paribas assisted in funding the loans made by HPS Investment Partners, a massive private lending company that BlackRock recently purchased. BNP Paribas has not yet responded to the inquiry.
According to the lenders, their examination showed that all of the customer emails provided throughout the previous two years were fraudulent, as were fictitious customer contracts from 2018.

Lawyers for the lenders who wrote the complaint were quoted in the WSJ letter as saying, "Brahmbhatt created an elaborate balance sheet of assets that existed only on paper." Additionally, they claim he transferred pledged assets into offshore accounts in Mauritius and India.
In August, Brahmbhatt's telecom companies declared bankruptcy; Carriox Capital II and BB Capital SPV followed them last week. On August 12, Brahmbhatt declared his own personal bankruptcy, concurrently with his company's Chapter 11 filing.