A massive financial scandal has rocked global markets as an Indian Businessman is accused of masterminding a $500 million international fraud scheme. The alleged scam has impacted leading investment firms, including BlackRock and several global lenders, triggering an international investigation.
According to court filings in the United States, the accused Indian Businessman, Bankim BrahmBhatt, reportedly ran the operation through his telecom companies — Broadband Telecom and Bridge Voice. Investigators say he used fake invoices, fictitious accounts receivable, and forged documents to create the illusion of profitable and stable businesses.
These fraudulent financial statements allegedly helped him secure hundreds of millions of dollars in loans from top investment institutions, including HPS Investment Partners, a subsidiary of BlackRock, and French bank BNP Paribas. The funds were later traced to offshore accounts in India and Mauritius.
The scheme came to light earlier this year when an employee at HPS noticed unusual email activity linked to fake company domains. Further scrutiny revealed that several clients did not exist and that many business agreements were based on forged records dating back to 2018.
When confronted, the Indian Businessman reportedly evaded questions and later vanished. Offices associated with his companies in New York were found abandoned, intensifying suspicions of a large-scale financial escape plan.
Court documents allege that BrahmBhatt used “paper assets” to inflate his company’s value, enabling him to deceive investors and lenders for years. Authorities believe the total losses exceed $500 million, making it one of the largest corporate fraud cases involving an Indian-origin executive.
Regulators are now coordinating with international agencies to locate the fugitive Indian Businessman and recover the misappropriated funds. The scandal has raised serious concerns about oversight in private credit markets and highlighted how sophisticated fraud schemes can bypass due diligence at major financial institutions.
In other news read more about Bengaluru Bank in Panic After Wi-Fi Renamed ‘Pakistan Zindabad’
This case serves as a stark reminder of the growing risks in global finance and the urgent need for stronger corporate accountability measures.
