Who is Bankim Brahmbhatt? Indian-Origin CEO Accused of $500 Million ‘Breathtaking’ Fraud at BlackRock – Key Details

Bankim Brahmbhatt — founder and CEO of Bankai Group, known for telecom and fintech ventures across global markets.

American investment giant BlackRock has accused Bankim Brahmbhatt, the Indian-origin CEO of US-based telecom companies Broadband Telecom and Bridgevoice, of orchestrating a multi-million-dollar fraud.

According to The Wall Street Journal (WSJ), lenders including HPS Investment Partners, the private credit arm of BlackRock, allege that Brahmbhatt’s firms fabricated accounts receivable and used them as collateral to secure large loans. The lenders now claim they are owed more than $500 million.

Brahmbhatt’s lawyer told WSJ that his client disputes the fraud allegations.

Who is Bankim Brahmbhatt?

Bankim Brahmbhatt is the founder, president, and CEO of Bankai Group, a US-headquartered telecommunications and fintech company.

In earlier interviews with Entrepreneur Middle East and Industry Chronicle, Brahmbhatt described himself as a telecom engineer turned entrepreneur. His business journey began in 1989 with a push-button telephone manufacturing unit in India. Over time, his ventures expanded into satellite communications, telecom billing, and digital financial services.

Bankai Group’s flagship product, MobiFin Elite, offers digital financial solutions and has been deployed by clients across several countries — particularly in Africa. Brahmbhatt often spoke about building a self-sustaining ecosystem for carriers, operators, and financial institutions by combining technical expertise with human connections.

Interestingly, his LinkedIn profile, which previously had a sizable following, now appears to be deactivated.

What Are the Allegations?

According to WSJ, HPS Investment Partners began lending to a financing arm linked to Brahmbhatt’s companies in September 2020, eventually expanding its exposure to around $430 million by August 2024, with BNP Paribas also helping finance the loans.

The first signs of trouble appeared in July 2024, when an HPS employee noticed that several customer emails came from fake domains resembling real telecom firms. When questioned, Brahmbhatt reportedly assured HPS that there was nothing to worry about — and then ceased communication entirely.

Subsequent investigations by accounting firm CBIZ and law firm Quinn Emanuel, hired by the lenders, revealed that emails and invoices presented as proof of receivables were falsified.

A Belgian telecom company, BICS, confirmed to investigators that it had no link to the fake communications, describing it as a “confirmed fraud attempt.”

Court filings further allege that fraudulent customer contracts dated back to 2018, and that assets pledged as collateral were moved to offshore accounts in India and Mauritius.

By August 2024, Brahmbhatt’s companies — including Broadband Telecom, Bridgevoice, Carriox Capital II, and BB Capital SPV — had all filed for bankruptcy, the same month lenders launched legal action.

BNP Paribas later disclosed an addition of €190 million (around $220 million) in loan-loss provisions related to a “specific credit situation,” though it did not name the borrower.

Where is Bankim Brahmbhatt Now?

According to WSJ, HPS informed its clients that Brahmbhatt is currently believed to be in India. When a visitor arrived at his New York offices in July, they found them closed and vacant.

Records show that Brahmbhatt filed for personal bankruptcy on August 12, the same day his companies filed for Chapter 11 bankruptcy protection.

What’s Next?

The matter is now under US court proceedings, with civil lawsuits and bankruptcy investigations underway. Brahmbhatt has denied all allegations, and his current whereabouts remain unclear.

Despite the size of the alleged fraud, sources told WSJ that the incident represents only a small fraction of HPS’s $179 billion in assets under management and is unlikely to materially affect BlackRock’s overall performance.

The full extent of the alleged fraud — and its implications for BlackRock’s private credit arm and BNP Paribas — remains under investigation.