Bankim Brahmbhatt: Indian-origin CEO faces lawsuit over alleged $500M fraud involving BlackRock lenders

An Indian-origin CEO, Bankim Brahmbhatt, is facing a lawsuit in the US for allegedly orchestrating a substantial financial fraud, smashing $500 million. Several lenders, including BlackRock-backed HPS Investment Partners, have accused the telecom executive of this massive scam.

According to The Wall Street Journal, Brahmbhatt executed the scheme by generating money through fake invoices and bankrupt firms.

Bankim Brahmbhatt is a telecom entrepreneur of Indian origin and the founder, president, and CEO of the Bankai Group. The group includes several companies, such as Broadband Telecom and Bridgevoice. With over 30 years of experience in the telecommunications field, he has made significant contributions to the industry.

He is accused of fabricating invoices and accounts receivable that were used as collateral for substantial loans.

The lawsuit, filed in August in the United States, alleges that Brahmbhatt’s network of companies created a false appearance of financial stability on paper while transferring funds offshore to India and Mauritius.

According to the allegations, every customer email provided by Brahmbhatt’s firms to verify invoices over the past two years was fraudulent, and some contracts dating back to 2018 were forged.

According to the lawsuit, Bankim Brahmbhatt’s companies owe over $500 million. The Wall Street Journal reported that BNP Paribas helped finance loans from HPS to his firms, but has not commented on the case.

The fraud surfaces at a crucial time for BlackRock, which recently acquired HPS Investment Partners. HPS began lending to Brahmbhatt’s firms in 2020, increasing the total investment from $385 million in 2021 to about $430 million by 2024.

The Wall Street Journal reported that the problems arose in July 2025 when an HPS employee found something unusual in customer email addresses used to check invoices. Investigators later discovered that some messages, appearing to be from legitimate clients, were fraudulent. These deceptive communications often originated from fake websites designed to mimic real telecom companies.

Bankim Brahmbhatt’s companies provide essential network and connectivity services to telecom operators worldwide. In 2023, he was featured in Capacity’s Power 100 List for his contributions to the sector.