Indian-origin man at the centre of USD 500 million loan fraud in US
NEW DELHI: BlackRock’s private credit arm, alongside other lenders including BNP Paribas’s HPS Investment Partners, is fighting to recoup over USD 500 million in an alleged fraud involving telecom-services companies owned by an Indian-origin man Bankim Brahmbhatt, according to a report from The Wall Street Journal. The lenders filed a lawsuit in August, alleging Brahmbhatt’s companies, including Broadband Telecom and Bridgevoice, used fake accounts receivable as collateral for loans.
