BlackRock fraud: Indian-origin CEO accused of USD 500 million scam in US | All you need to know
A US based telecom businessman of Indian origin, Bankim Brahmbhatt, has been accused of carrying out a USD 500 million loan fraud linked to HPS Investment Partners, a lender backed by BlackRock.
Washington: Bankimย Brahmbhatt, aย US-based telecom entrepreneur of Indian origin, has been accused of operating a large scale loan fraud worth more than USD 500 million by raising money through fake invoices and bankrupt firms, according to a report by The Wall Street Journal. What is the BlackRock fraud case? Brahmbhatt, who owns Broadband Telecom and Bridgevoice, is alleged to have created fake customer accounts and fabricated receivables to secure…