BlackRock and several global lenders are scrambling to recover over $500 million tied to an alleged loan fraud scheme involving falsified invoices, phantom customers, and offshore money transfers—an operation one lawsuit calls “breathtaking” in scope.

According to a Wall Street Journal report, BlackRock’s private-credit arm HPS Investment Partners and other lenders, including BNP Paribas, have filed suit in the U.S. against Bankim Brahmbhatt, the Indian-origin owner of telecom services firms Broadband Telecom and Bridgevoice. Advertisement

The lawsuit, filed in August, accuses Brahmbhatt of orchestrating a years-long deception by creating fake invoices and fictitious accounts receivable to secure massive loans. The money, lenders claim, was shifted offshore to India and Mauritius while

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