BlackRock and several other banks filed a lawsuit, claiming that Brahmbhatt’s companies owed over $500 million.

A loan fraud case similar to those of Nirav Modi and Vijay Mallya has now emerged in the United States. Bankim Brahmbhatt, a businessman of Indian origin, has been accused of defrauding nearly $500 million (nearly Rs 4,000 crore) in loans.

An exclusive report from the Wall Street Journal states that a group of lenders, BlackRock’s HPS Investment Partners, has accused telecommunications entrepreneur Bankim Brahmbhatt, owner of both the telecom services companies Broadband Telecom and Bridgevoice, of creating fake invoices and accounts receivable used as collateral for enormous loans. The lawsuit was filed in the US in August, and alleges that Brahmbhatt’s network of companies w

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