Indian-Origin CEO Faces $500-Million Fraud Allegations. Who Is He?
Indian-origin telecom executive Bankim Brahmbhatt has been accused of masterminding a loan scam that allegedly cost global investment firm BlackRock's private-credit arm and several other lenders over $500 million. It is being described as a “breathtaking” act of financial fraud, according to an exclusive report by The Wall Street Journal.
Who Is Bankim Brahmbhatt?
Brahmbhatt is associated with Broadband Telecom and Bridgevoice, two relatively unknown players in the global telecom-services industry. Both companies operate under the Bankai Group.
In a post on X (formerly Twitter) in July 2025, Bankai Group described Brahmbhatt as the President and CEO.
The Bankai Group's X bio presents it as a “globally recognised leader in the telecommunications industry, cherishing telecom technology and carrier business fraternity with Telcos, Operators & more.”
As per the company's website, Brahmbhatt's businesses provide infrastructure and connectivity solutions to telecom operators across the world.
A LinkedIn profile that appears to have been Brahmbhatt's has also now been taken down.
Until recently, he maintained offices in Garden City, New York, according to The Wall Street Journal report.
The Alleged Scheme
The Wall Street Journal report stated that the lawsuit, filed in August 2025 in the United States, claims that Brahmbhatt's companies owe more than $500 million. The lenders, led by BlackRock's HPS Investment Partners, have accused him of fabricating invoices and accounts receivable, which were pledged as collateral for large loans.
The suit alleges that Brahmbhatt's network of companies created an illusion of financial strength on paper, while funds were allegedly transferred offshore to India and Mauritius. His lawyer, however, has disputed all allegations of fraud.
Lenders claim that Brahmbhatt constructed an elaborate network of financing vehicles, including Carriox Capital and BB Capital SPV, which borrowed hundreds of millions of dollars from private-credit investors led by HPS Investment Partners, a firm recently acquired by BlackRock.
According to the lawsuit, Brahmbhatt allegedly fabricated customer invoices and used those falsified receivables as collateral to secure loans exceeding $500 million. The complaint further alleges that he subsequently moved assets offshore to India and Mauritius, while both his companies, and Brahmbhatt himself, have now filed for bankruptcy.
Despite the serious nature of the claims, Brahmbhatt's lawyer has denied any wrongdoing, maintaining that the allegations of fraud are baseless.
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