New York: Indian-origin telecom entrepreneur Bankim Brahmbhatt has been accused of orchestrating a massive financial fraud worth more than $500 million, leaving BlackRock’s private-credit division and several other investors scrambling to recover their funds, according to The Wall Street Journal.
Brahmbhatt, who heads telecom and fintech ventures Broadband Telecom and Bridgevoice, allegedly fabricated invoices, forged customer emails, and created fake contracts to inflate accounts receivable — which were then used as collateral to secure multimillion-dollar loans.
Indian-Origin CEO Stings BlackRock With “Breathtaking” $500-Million Fraud https://t.co/Vjaplzgec5 pic.twitter.com/0KjSBxm37s
— NDTV (@ndtv) October 31, 2025
The alleged deception dates back to 2018, with lenders claiming that Brahmbhatt raised vast sums from private-credit investors led by HPS Investment Partners, a lending platform recently acquired by BlackRock. Reports also allege that he transferred pledged assets offshore to India and Mauritius, further complicating recovery efforts.
A Telecom Tycoon Turned in Turmoil
Brahmbhatt, known as the President and CEO of Bankai Group and CMD of Panamax Inc., has been a familiar name in the global telecom and fintech sectors for over three decades. His ventures have provided services in VoIP, mobile messaging, digital payments, and telecom infrastructure across multiple countries.
He began his entrepreneurial journey in the late 1980s manufacturing push-button telephones in India, before expanding into global telecom and fintech operations. Under his leadership, Bankai Group gained international recognition, with Brahmbhatt being listed multiple times in Capacity Media’s “Power 100” of influential telecom leaders.
However, this latest accusation — described by lenders as a “breathtaking” act of fraud — has cast a shadow over his once-celebrated business empire. Investigations are ongoing as investors and authorities attempt to trace the missing funds and untangle the web of offshore transactions.
