From NY to Mauritius: Indian-Origin CEO accused of masterminding $500 million BlackRock loan scam

According to an exclusive report by The Wall Street Journal, Brahmbhatt, owner of Broadband Telecom and Bridgevoice, is accused of fabricating invoices and accounts receivable that were pledged as collateral for multimillion-dollar loans.

The suit, filed in August in a US court, claims his network of companies created the illusion of profitability while allegedly transferring funds offshore to India and Mauritius.

The lawsuit, filed by lenders including HPS Investment Partners, claims Brahmbhatt’s entities owe over $500 million. French banking giant BNP Paribas, one of Europe’s largest lenders, reportedly financed a substantial portion of the loans made by HPS but has so far declined to comment.

The allegations come at a sensitive time for BlackRock, which had acquired HPS earlier this year as part of its push into private credit.

WSJ reported that HPS began lending to Brahmbhatt-linked companies in September 2020, increasing exposure from $385 million in 2021 to about $430 million by August 2024.

According to sources cited in the report, BNP Paribas financed nearly half of the loans extended to Carriox Capital and its affiliates, companies tied to Brahmbhatt’s telecom web.

When the lending began, Deloitte was tasked with verifying Carriox’s assets through random customer checks, while CBIZ later conducted annual audits. Neither firm has issued a public statement.

Discovery of the fraud

The first red flags appeared in July 2025, when an HPS employee noticed irregularities in email domains supposedly belonging to Carriox customers.

Many addresses were traced to fake websites mimicking real telecom companies, and further review revealed fabricated correspondence.

When confronted, Brahmbhatt allegedly brushed off the concerns and then stopped responding to calls. Shortly after, HPS officials discovered that his Garden City, New York, offices were locked and deserted.

Neighbours told reporters the premises had been empty for weeks, though several luxury cars, including BMWs, a Porsche, a Tesla, and an Audi, remained parked outside his residence.

Investigation findings

Following the discovery, HPS hired law firm Quinn Emanuel and CBIZ for an internal probe. Their review reportedly found that every customer email provided by Brahmbhatt’s firms since 2023 was fraudulent, and that contracts dating back to 2018 had been forged.

One striking example involved Belgian telecom operator BICS, which confirmed in writing that it had no business relationship with Brahmbhatt’s firm.

A BICS security official described the documents as part of a “confirmed fraud attempt,” according to WSJ.

The lawsuit alleges that Brahmbhatt “created an elaborate balance sheet of assets that existed only on paper” and transferred funds to offshore accounts in India and Mauritius.

As of now, Brahmbhatt’s whereabouts remain unclear, and both HPS Investment Partners and BNP Paribas are reportedly pursuing coordinated recovery actions.