Bankim Brahmbhatt, a telecom executive of Indian parentage who created the Bankai Group, sits at the center of a monumental fraud allegation in the US, with lenders claiming they were duped out of over $500 million.
The lawsuit, filed in August 2025, specifically targets Brahmbhatt and his US-based telecom companies, including Broadband Telecom and Bridgevoice.
The primary lender pursuing recovery is HPS Investment Partners, the private-credit arm of global investment giant BlackRock, which has described the fraud as “breathtaking” in its scope and audacity.
Brahmbhatt’s companies- who provide carriers service and infrastructure- allegedly took huge loans against fictitious customer invoices – revenue streams that existed solely on paper.
Fabricated Collateral
The essence of the fraud revolves around fictitious accounts receivable. In asset-based financing, the lenders are expected to receive secured credit on behalf of a borrower’s anticipated future payments to customers (receivables).
Brahmbhatt’s companies are accused of manufacturing this collateral and presenting fake contracts, fraudulent emails, and forged invoices purporting to show that big telecom companies like T-Mobile and Telstra owed them millions.
The lenders claim the elaborate fraud was designed to enhance the company’s valuation and to secure hundreds of millions of dollars in loans from HPS and other financiers, including BNP Paribas.
Offshore Diversion and Bankruptcy
As the allegations unfolded, investigators discovered that the loan funds were reportedly diverted offshore into accounts in places like India and Mauritius.
Suspicion over the whole scheme began with database inconsistencies on email domains used for verification pointed out by the lender’s employee, leading to the discovery that virtually all customer confirmation emails sent in the last two years were fake.
After initiating claims in August 2025 against Brahmbhatt, his companies, including invoice financing Carriox Capital, filed for Chapter 11 bankruptcy protection.
Brahmbhatt’s location is currently being scrutinized, with HPS alleging he may have left for India, while his attorney denies all charges.
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