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An Indian-origin entrepreneur is at the centre of a massive alleged fraud that lenders have described as “breathtaking," leaving American multinational investment firm BlackRock’s private-credit arm and other investors scrambling to recover more than $500 million, according to a Wall Street Journal report.

Owner of telecom services firms Broadband Telecom and Bridgevoice, Bankim Brahmbhatt is accused of fabricating accounts receivable that were used as collateral to secure large loans. Lenders allege he built a web of financing vehicles—including Carriox Capital and BB Capital SPV—to raise hundreds of millions of dollars from private-credit investors led by HPS Investment Partners, a major lending platform recently acquired by BlackRock.

Who Is Bankim Brahmbhat

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