Fraud
From telecom titan to fugitive? Meet Bankim Brahmbhatt accused of 'breathtaking' $500 million fraud in US
Bankim Brahmbhatt, an Indian-origin entrepreneur, has been accused of a "breathtaking" fraud, as the lenders have described, that has left US multinational investment firm BlackRock's private-credit arm and other investors trying to recover a sum of money amounting to over $500 million, media reports said quoting Wall Street Journal.
Brahmbhatt, the owner of the telecom services firms Broadband Telecom and Bridgevoice, fabricated accounts receivable that were used as collateral for securing loans.
The lenders alleged Brahmbhatt raised millions of dollars from private-credit investors led by HPS Investment Partners, a major lending platform acquired by BlackRock recently, through a web of financial vehicles that he has built.
The lenders further said that Brahmbhatt made fake invoices and customer emails and also forged contracts way back in 2018.
Brahmbhatt also allegedly transferred pledged assets offshore to India and Mauritius, News 18 reported.
Who is Bankim Brahmbhatt?
Bankim Brahmbhatt is an Indian-origin business leader with over three decades in the telecommunications and fintech industries.
He is the President and CEO of a global telecom and fintech company Bankai Group and also holds the role of CMD at Panamax Inc. according to organisational charts.
He began his career around the late 1980s, initially manufacturing push-button telephones in India.
Over time, his business shifted into telecom services, VoIP, global carrier voice and messaging, fintech platforms and other digital and telecom technologies.
Under his leadership, Bankai Group has developed solutions for banks, carriers, mobile network operators (MNOs), with a focus on telecom infrastructure, mobile financial services, messaging, etc.
He has received industry recognition: for example, he was named to the “Power 100” list by Capacity Media (for influential telecom/carrier industry leaders) for multiple years.
Where is he?
As per reports, the lenders believe Brahmbhatt is currently in India.
A person from HPS had visited Brahmbhatt's Garden City offices which were found to be closed.
The office suite was also closed and no one witnessed anyone entering there.
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