Indian-Origin Banker Bankim Brahmbhatt Accused in $500M BlackRock Loan Scam
Bankim Brahmbhatt, an Indian-origin individual, has been arrested for allegedly defrauding the American giant firm, BlackRock, of $500 million. Labelled as 'Breathtaking', the scam has left lenders struggling to recover their monetary losses.
According to a Wall Street Journal report, Brahmadutt fraudulently raised money via fake invoices and bankrupt firms and orchestrated a huge loan fraud. During July, irregularities with some email addresses were spotted by an HPS employee.
At first, they appeared authentic, but their domains were fake versions of actual telecom companies. When HPS (HPS Investment Partners) officials raised this matter with Brahmbhatt, he assured them that everything was fine. And then he stopped responding to their calls later. His offices in New York were found locked and vacant.
Bankim Brahmbhatt: Meet the Man Behind the $500M BlackRock Scam
Bankim Brahmbhatt is an Indian origin telecom operator and owner of Broadband Telecom and Bridgevoice, through the Bankai Group, which claims to be a global telecom leader providing infrastructure and connectivity services worldwide.
His career took off during the 1980s, manufacturing electronic phones but later diversified into satellite dishes, telecom services, and media receivers. Holding a degree in Electronics & Communication, he established a global telecom and fintech solutions provider, Bankai Group.
In July, Brahmbhatt was mentioned as President and CEO on a social media post. Until now, Brahmbhatt operated offices in Garden City, New York, but the information about him online is scarce. His LinkedIn profile has also been removed.
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Invoices Faked, Money Traced Abroad
Lenders accused him of fabricating customer invoices from 2018 onwards and using those fake receivables as collateral for loans up to $500 million. He reportedly moved assets offshore, sending not only to India but also to Mauritius.
He and his companies then filed for bankruptcy. Although his lawyers called these allegations false. In a written complaint by lawyers for lenders, Brahmbhatt had created an extensive balance sheet of assets only on paper. Evidence revealed that customer emails provided over the last two years were bogus.
Whereabouts of Bankim Brahmbhatt
Currently, there is no confirmed information about the whereabouts of Bankim Brahmbhatt. There are speculations about his presence in India, but his lawyer has refuted all claims.
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