A significant financial scandal has emerged, centering on Bankim Brahmbhatt, a businessman of Indian origin. His alleged involvement in a colossal loan fraud, reportedly exceeding $500 million, has left major lenders, including BlackRock’s private-credit arm, in a difficult position as they attempt to recover their funds. The scheme has been described as “breathtaking” in its scope.
Brahmbhatt, identified as the owner of two smaller telecom-services companies, Broadband Telecom and Bridgevoice, operates under the umbrella of the Bankai Group. This group purports to be a global leader in providing telecom infrastructure and connectivity solutions. A recent social media post listed Brahmbhatt as the Group’s President and CEO. Information about him is notably scarce online, and a previously existing LinkedIn profile linked to him has reportedly been removed.
The core allegations suggest that starting in 2018, Brahmbhatt orchestrated a complex financing structure involving entities like Carriox Capital and BB Capital SPV. These entities were allegedly used to secure hundreds of millions in loans. The accusation is that Brahmbhatt systematically created fraudulent customer invoices and contracts. These fabricated accounts receivable were then presented as collateral for loans totaling over half a billion dollars. Legal filings indicate that Brahmbhatt constructed an extensive balance sheet of assets that existed solely on paper, with evidence suggesting that all customer emails provided over the past two years were also fictitious. Further accusations include the transfer of these pledged assets to offshore accounts, initially in India and subsequently in Mauritius.
The financial fallout was swift. Brahmbhatt’s telecom companies filed for bankruptcy in August, with Brahmbhatt himself filing for Chapter 11 bankruptcy protection on August 12. Two financing vehicles, Carriox Capital II and BB Capital SPV, also sought bankruptcy protection. It is believed that Brahmbhatt may have relocated to India. An inspection of his former offices in Garden City, N.Y., found them locked and vacant, with luxury cars still parked at a neighboring property linked to him.
BNP Paribas is also reported to have been involved in financing some of these loans, but the bank has declined to comment on the matter. The investigation into this extensive alleged fraud is ongoing.
