New York, November 1, 2025 – American investment giant BlackRock is reported to have been hit by a massive multi-million-dollar fraud allegedly led by Indian-origin entrepreneur Bankim Brahmbhatt, CEO of US-based firms Broadband Telecom and Bridgevoice. According to lender allegations, Brahmbhatt’s companies are accused of fabricating accounts receivable that were used as collateral to secure loans. As the case unfolds, lenders claim the companies now owe more than $500 million. Brahmbhatt’s lawyer has stated that the CEO disputes the accusations of fraud and intends to contest the claims.
The fraud reportedly began taking shape in 2020 when HPS, BlackRock’s private credit investment arm, started lending to a financing unit connected to Brahmbhatt’s telecom businesses. The investments grew rapidly, rising to approximately $385 million in early 2021 and later touching around $430 million by August 2024. The revelations have triggered serious concerns among global investors and raised questions about due-diligence processes in private credit lending.
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