Bankim Brahmbhatt $500M Loan Fraud

Bankim Brahmbhatt, the Indian-origin CEO of telecom companies Broadband Telecom and BridgeVoice, is accused of orchestrating a 'breathtaking' $500 million loan fraud. He allegedly created fake invoices, customers, and accounts receivable to secure loans from lenders, primarily BlackRock's private credit arm, BV Investment Partners, with significant financing from BNP Paribas. The alleged scheme began in 2020, with BV Investment Partners' exposure growing to nearly $430 million. Irregularities were discovered in July 2025, revealing fake customer email addresses and fraudulent contracts dating back to 2018. Brahmbhatt is also accused of moving pledged assets to offshore accounts in India and Mauritius. Following the revelations, Bankim Brahmbhatt, Broadband Telecom, BridgeVoice, Carriox Capital II, and BB Capital SPV all filed for bankruptcy in August 2025. BNP Paribas has set aside €190 million ($220 million) to cover potential losses. Bankim Brahmbhatt's current whereabouts are unknown, though lenders believe he may be in India. The case has drawn attention to fraud and transparency concerns in the rapidly growing private credit market.