Indian-Origin CEO Bankim Brahmbhatt Accused in $500 Million Fraud

Bankim Brahmbhatt, a telecom executive of Indian descent and founder of the Bankai Group, is facing serious allegations in a fraud case that could exceed $500 million. The lawsuit, lodged in August 2025, targets Brahmbhatt and his associated telecom firms, including Broadband Telecom and Bridgevoice. The primary plaintiff, HPS Investment Partners, the private-credit division of investment giant BlackRock, has described the fraud as “breathtaking” in its scale and audacity.

The allegations center around claims that Brahmbhatt’s companies engaged in extensive fraud by securing large loans against fictitious customer invoices. These supposedly substantial revenue streams were revealed to exist only on paper. According to the lawsuit, the essence of the fraud involved manufactured collateral, where Brahmbhatt’s firms allegedly created fake contracts, fraudulent emails, and forged invoices to suggest that major telecom companies, such as T-Mobile and Telstra, owed them significant sums.

Investigations into the matter suggested that the fraudulent activities were designed to inflate the companies’ valuations. This manipulation enabled them to secure loans amounting to hundreds of millions from HPS and other financial institutions, including BNP Paribas. The elaborate scheme reportedly included diverting loan funds to offshore accounts in locations like India and Mauritius.

Unraveling the Allegations

The investigation began when a lender’s employee identified discrepancies in email domains used for customer confirmations. This scrutiny revealed that nearly all customer confirmation emails sent over the past two years were fabricated, raising suspicions about the legitimacy of the invoicing process.

Following the initiation of claims against Brahmbhatt in August 2025, his companies, including the invoice financing entity Carriox Capital, filed for Chapter 11 bankruptcy protection. The implications of this case have extended beyond financial losses, affecting the reputations of involved parties and raising significant questions about corporate governance and accountability.

As the situation unfolds, Brahmbhatt’s whereabouts have come under scrutiny. HPS has alleged that he may have relocated to India, although his attorney has vehemently denied all charges.

The case highlights a larger trend within the financial and telecom sectors, where issues of fraud and misrepresentation have gained increasing attention. The outcomes of this legal battle could have far-reaching consequences not only for Brahmbhatt and his companies but also for the financial institutions involved.

This story continues to develop as more information emerges regarding the allegations and their potential ramifications. Stakeholders in the financial and telecom industries are watching closely, as the case could set significant precedents in corporate accountability and fraud detection.