Copyright timesnownews
Bankim Brahmbhatt is a US-based Indian-origin telecom and fintech entrepreneur accused of orchestrating a massive $500 million loan fraud that has shaken Wall Street credit circles, including lenders linked to BlackRock-backed HPS Investment Partners. Brahmbhatt is the founder, president, and CEO of Bankai Group, a global telecom and digital payments company operating in markets such as Africa and Asia. His firms , including Broadband Telecom and Bridgevoice , have long claimed expertise in satellite communication, telecom billing, and digital financial platforms like MobiFin Elite. What the Allegations Say According to The Wall Street Journal and U.S. court filings, Brahmbhatt allegedly: Faked telecom customer accounts and receivables Used false invoices, email domains, and contracts as collateral Secured more than $500 million in loans starting in 2020 Increased exposure with lenders like HPS to ~$430 million May have moved pledged assets offshore to India and Mauritius BNP Paribas reportedly booked €190 million (~$220M) in related loan-loss provisions. The alleged scheme unraveled in mid-2024, when investigators found that some “client emails” used as proof of business came from fake domains imitating real telecom companies. Belgian firm BICS confirmed no connection, calling it a fraud attempt. Legal Fallout Several of Brahmbhatt’s business entities , including Broadband Telecom and Bridgevoice , have filed for Chapter 11 bankruptcy, collectively owing over $500M. He also filed personal bankruptcy in August 2024. Where is He Now? Believed to be in India US office reportedly shut and deserted Luxury cars seen at his listed residence (BMWs, Porsche, Tesla, Audi) Filed for personal bankruptcy Companies filed for Chapter 11 bankruptcy Why This Matters The case highlights rising fraud risks in private credit markets as global capital increasingly flows into higher-yield lending deals. For BlackRock and partners, this scandal not only poses financial losses but also raises questions about due-diligence gaps in private lending. A man once celebrated as a global fintech visionary is now at the centre of one of the largest alleged loan frauds to hit private-credit funds in recent years.
