Bankim Brahmbhatt Accused Of $500 Million BlackRock Fraud

Lenders including HPS Investment Partners — the private-credit arm acquired by BlackRock — have sued and allege that Bankim Brahmbhatt’s telecom firms obtained more than $500 million in asset-based loans using fabricated accounts-receivable and falsified customer emails and documents, a scheme the Wall Street Journal described as “breathtaking.” The alleged fraud reportedly stretched back several years and was detected after HPS identified suspicious email domains while conducting routine borrower verification in mid-2025.

The fallout has been swift: Brahmbhatt’s operating and financing entities filed for bankruptcy in August, lenders are pursuing recovery and some banks (notably BNP Paribas) have taken large loan-loss provisions, while HPS has said the hit won’t imperil its overall assets under management. Brahmbhatt’s lawyer disputes the allegations and his whereabouts have been reported as uncertain as investigations continue across jurisdictions. Regulatory and legal actions are ongoing.