Global investment firm BlackRock and several major lenders are trying to recover over $500 million lost in a massive loan scam allegedly led by Indian-origin telecom executive Bankim Brahmbhatt.
According to The Wall Street Journal, Brahmbhatt, who owns Broadband Telecom and Bridgevoice, created fake invoices and customer accounts to obtain large loans. He used those forged documents as collateral and moved the money to offshore accounts in India and Mauritius.
Filed in August, the U.S. lawsuit claims Brahmbhatt’s companies owe lenders more than $500 million. French bank BNP Paribas helped finance some loans but refused to comment.
The fraud came to light in July 2025 when an HPS Investment Partners employee noticed suspicious email addresses from fake telecom domains. When questioned, Brahmbhatt avoided contact and vanished from his New York offices.
Law firm Quinn Emanuel and auditor CBIZ investigated the case. They discovered that all customer verification emails and several contracts were fake. Belgian telecom firm BICS later confirmed its name had been misused in the fraud.
Lenders are now pursuing legal action and tracing offshore assets to recover the missing funds.
