$500 Million Fraud: American Company Accuses Indian-origin CEO, Who is Bankim Brahmbhatt?

A breathtaking fraud was committed by Indian-origin CEO Bankim Brahmbhatt. The American company BlackRock has lost millions of dollars due to transactions with him. The lenders are accusing him of this forgery. The Wall Street Journal has reported this fraud. Bankim Brahmbhatt is the owner of little-known telecom-services companies Broadband Telecom and Bridgevoice, which belong to Bankai group, as per the media reports.  The lenders have accused him of fabricating invoices and accounts receivable that were supposed to be used as loan collateral.

Biggest Loan Fraud: 

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The lenders filled the case in August in the US. These lenders, including BlackRock’s HPS Investment Partners, are in this fraud loop. This was a complete fraud for seeking substantial loans. Brahmbhatt’s team showed that his company was in good financial health and had a stunning record, but they were unaware that the money was allegedly moving offshore. BlackRock’s private investing arm is now in the process of recovering the lost money.

Many reports say that French multinational bank BNP Paribas helped in financing the loans made by BlackRock’s HPS Investment Partners to Brahmbhatt. But, he has refused to comment in public on this matter right now. HPS started lending Brahmbhatt’s firms by 2020 and by last year, total investment expanded by 430 million dollars.

What is the Case? 

HPS also initiated the asset checks of Brahmbhatt’s companies and even hired an accounting firm for audit. The firm also did not state anything publicly. By July this year, BlackRock investigated an error while checking the customers email IDs at the time of invoice verification. There were fake IDs. After figuring out this serious issue, the company called Brahmbhatt many times, but he did not respond.

After the review, the fraud came to light and a lawsuit was filed. As per the reports, Indian-origin Bankim Brahmbhatt has a luxury car collection and high-priced residential.