Indian-origin industrialist Bankim Brahmbhatt, who is the founder and CEO of Bankai Group, has been accused of a major financial scam (loan fraud) of about $500 million (approximately ₹4,400 crore) in the US. BlackRock, the world’s largest asset management company, its lending unit HPS Investment Partners, and other banks like BNP Paribas have accused Brahmbhatt and his telecom companies — Broadband Telecom and Bridgevoice — of obtaining loans through fake customer invoices, false accounts receivable and false documents. According to the complaint filed in the US court, the fraud was so large that it has been described as “breathtaking”. It is alleged that the companies transferred the loan amount to India and Mauritius and later filed for bankruptcy in August 2025. Soon after this, Bankim Brahmbhatt also applied for personal bankruptcy. Brahmbhatt has denied the allegations, but the case highlights the risks and lack of transparency in private credit markets. This incident shows how big investors and banks can face losses worth billions of rupees relying on fake documents.
Bankim Brahmbhatt of Indian origin accused of loan fraud of ₹ 4,400 crore. Money Live | Indian-origin Bankim Brahmbhatt accused of ₹4,400 crore loan fraud
