By Admin 
The world’s largest investment company BlackRock was defrauded of about 500 million dollars (about Rs 4,200 crore) by an Indian businessman. Bankim Brahmbhatt, CEO of America’s Broadband Telecom and Bridgevoice, has been accused of fraud. They kept obtaining loans by making fake bills through their companies. BlackRock’s private credit unit HPS Investment Partners is now trying to recover the money.
Funds transferred to India-Mauritius accounts
According to the report of Wall Street Journal, loans were started to Brahmbhatt’s companies from the year 2020 on the condition that the outstanding amount received from customers would be mortgaged. When investigation was done later, these bills were found to be completely false. Investigation revealed that the loan amount was transferred to offshore accounts in India and Mauritius.
Allegations of fraud under planning
BlackRock says that this has been done as per complete planning. A French bank BNP Paribas is also involved in financing Bankim Brahmbhatt. This bank had funded almost half of the loan given to Cariox Capital and its affiliates under Brahmbhatt’s telecom company.
When the loan process began, HPS appointed Deloitte to verify Cariox’s assets through customer due diligence. Later CBIZ firm was called for annual audit. Neither firm has commented publicly.
How was such a big fraud exposed?
HPS staff observed errors in customer emails used to verify invoices in July 2025. Many of these addresses came from fake domains imitating real telecom companies. Further investigation revealed that some of the documents purportedly sent from customers were fake. An HPS employee later visited the offices of Brahmbhatt’s companies in Garden City, New York and found the premises closed and deserted.